Need Accounting help with assets and liabilities
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.
|
ALLESSANDRO SCARLATTI COMPANY |
||||
| Cash | $ 44,980 | Accounts payable | $ 62,970 | |
| Accounts receivable | $93,380 | Notes payable | 71,970 | |
| Less: Allowance for doubtful accounts | 7,610 | 85,770 | $134,940 | |
| Inventory | 179,050 | |||
| Prepaid expenses | 9,600 | |||
|
$319,400 |
The following errors in the corporation’s accounting have been discovered:
| 1. | January 2015 cash disbursements entered as of December 2014 included payments of accounts payable in the amount of $41,500, on which a cash discount of 2% was taken. |
| 2. | The inventory included $31,500 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $11,400 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. |
| 3. | Sales for the first four days in January 2015 in the amount of $32,250 were entered in the sales journal as of December 31, 2014. Of these, $22,810 were sales on account and the remainder were cash sales. |
| 4. | Cash, not including cash sales, collected in January 2015 and entered as of December 31, 2014, totaled $37,212. Of this amount, $25,872 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. |
Calculate the following adjusted balances.
|
Cash |
|
|
|
Accounts Receivable |
|
|
|
Inventory |
|
|
|
Accounts Payable |
|
|
|
Notes Payable |
MUST SHOW WORK!!!
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

