Exercise 5-9 (Part Level Submission)

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

SWIFTY COMPANY

BALANCE SHEET (PARTIAL)

DECEMBER 31, 2017

Cash$46,800Accounts payable$55,740Accounts receivable$94,800Notes payable68,130Less: Allowance for doubtful accounts7,66087,140$123,870Inventory166,770Prepaid expenses9,030$309,740

The following errors in the corporations accounting have been discovered:

1.January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $39,300, on which a cash discount of 2% was taken.2.The inventory included $29,980of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,920had 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 2018 in the amount of $28,340were entered in the sales journal as of December 31, 2017. Of these, $20,610were sales on account and the remainder were cash sales.4.Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36,304. Of this amount, $24,304was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

(a1)

Your answer is incorrect.Try again.Calculate the following adjusted balances.

Cash

$

Accounts Receivable

$

Inventory

$

Accounts Payable

$

Notes Payable

$