Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5-9 a Please help answer attached question. thank you The current assets and current liabilities sections of the balance sheet of Swifty Company appear as
5-9 a
Please help answer attached question. thank you
The current assets and current liabilities sections of the balance sheet of Swifty Company appear as follows. Cash SWIFTY COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 50,000 Accounts payable Accounts receivable $92,000 Less: Allowance for doubtful accounts 7,220 Inventory Notes payable 84,780 $ 57,390 71,770 $129,160 160,190 Prepaid expenses 8,170 $303,140 The following errors in the corporation's accounting have been discovered: 1 . 2 . 3 . 4 . January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $42,300, on which a cash discount of 2% was taken. The inventory included $28,040 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,070 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. Sales for the first four days in January 2018 in the amount of $29,450 were entered in the sales journal as of December 31, 2017. Of these, $22,320 were sales on account and the remainder were cash sales. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36,794. Of this amount, $24,794 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. Don't show me this message again for the assignment (a1) Your answer is incorrect. Try again. Calculate the following adjusted balances. $ Cash $ Accounts Receivable $ Inventory $ Accounts Payable $ Notes PayableStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started