Exercise 5-9 The current assets and current abilities sections of the balance sheet of Sunland Company appear as follows SUNLAND COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 47,800 Accounts payable $91,000 Notes payable 7.810 83,190 175,740 9,770 $316,500 $ 64,720 67,990 $132,610 Accounts receivable Lost: Allowance for doubtful accounts Inventory Prepaid expenses The following errors in the corporation's accounting have been discovered: 1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of 44.100, on which a cash discount of 2 was taken 2. The inventory induded 530,240 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered of this amount $10,320 had been received on consignment; the remainder was purchased to destination, terms 2/10, V90 3. Sales for the first four days in January 2018 in the amount of $31.000 were entered in the sales Journal of December 31, 2017. of these 322,420 were sales on account and the remainder were cash sales 4. Cash, not induding cash sales, collected in January 2018 and entered as of December 31, 2017, totaled 534,032, of this amount, $22,932 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan Calculate the following adjusted balances Cash Accounts Receivable Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $ SHOW UST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity.) SUNLAND COMPANY Balance Sheet (Partial Asset Liabilities and Stockholders' Equity $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT State the net effect of your adjustments on Sunland Company's retained earnings balance. to retained earnings $ Click if you would like to Show Work for this question: Oren Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT search o a