Calculate cash accounts receivable and inventory balances

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Assignment

The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.

ALLESSANDRO SCARLATTI COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2014

Cash


$ 48,750

Accounts payable

66,060

Accounts receivable

$92,940


Notes payable

67,950

Less: Allowance for doubtful accounts

7,640

85,300


$134,010

Inventory


175,140



Prepaid expenses


9,220



 


$318,410



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 $42,400, on which a cash discount of 2% was taken.

2. The inventory included $30,300 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,700 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 $30,680 were entered in the sales journal as of December 31, 2014. Of these, $23,260 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 $37,422. Of this amount, $26,362 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

a1)

Calculate the following adjusted balances.

Cash

$

Accounts Receivable

$

Inventory

$

Accounts Payable

$

Notes Payable

$

Reference no: EM131330709

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