Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

adjusted balances please show the steps! highly appreciated Question 1 of 6 -12 E The current assets and current liabilities sections of the balance sheet

adjusted balances image text in transcribed
image text in transcribed
please show the steps! highly appreciated
Question 1 of 6 -12 E The current assets and current liabilities sections of the balance sheet of Pina Company appear as follows. PINA COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 41.300 Accounts receivable $96,300 Less: Allowance for doubtful accounts 7,840 88,460 Inventory 169,820 Prepaid expenses 8,620 $308,200 Accounts payable Notes payable $ 58,430 63,280 $121,710 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $41,800, on which a cash discount of 2% was taken. 2. The inventory included $28,590 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount. $11,340 had been received on consignment: the remainder was purchased to.b. destination, terms 2/10,1/30 Sales for the first four days in January 2021 in the amount of $28,680 were entered in the sales journal as of December 31. 2020. Of these, $21,510 were sales on account and the remainder were cash sales. Cash. not including cash sales collected in January 2021 and entered as of December 31, 2020, totaled $35,520. Of this amount, $23,520 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3. 4. MacBook Pm Question 1 of 6 -/2 amount, $23,520 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. (a 1) Calculate the following adjusted balances. Cash $ Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $ e Textbook and Media List of Accounts Sve for Later Attempts: 0 of 3 used Submit A MacBook Pro

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions