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(Solved by Expert Tutors) The current assets and current liabilities sections of the balance sheet


as follows.


ALLESSANDRO SCARLATTI COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2014
Cash $?41,460 Accounts payable $??62,090
Accounts receivable $94,540 Notes payable 68,590
????Less: Allowance for doubtful accounts 8,650 85,890 $130,680
Inventory 171,740
Prepaid expenses 9,840
? ? ? ? $308,930 ? ? ? ?


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 $39,400, on which a cash discount of 2% was taken.
2. The inventory included $28,500?of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,800?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 $38,330?were entered in the sales journal as of December 31, 2014. Of these, $25,290?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 $34,228. Of this amount, $23,618?was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

 


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Apr 19, 2020

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