Reference no: EM131330709
Assignment
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.
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ALLESSANDRO SCARLATTI COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2014
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Cash
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$ 48,750
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Accounts payable
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66,060
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Accounts receivable
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$92,940
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Notes payable
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67,950
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Less: Allowance for doubtful accounts
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7,640
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85,300
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$134,010
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Inventory
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175,140
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Prepaid expenses
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9,220
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$318,410
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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, $26,362 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.
a1)
Calculate the following adjusted balances.
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Cash
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$
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Accounts Receivable
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$
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Inventory
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$
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Accounts Payable
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$
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Notes Payable
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$
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