FLINT COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 40,200 Accounts receivable $95,700 Less: Allowance for doubtful accounts 7,900 87,800 Inventory 168,350 Prepaid expenses 9,220 $305,570 Accounts payable Notes payable $ 55,200 70,390 $125,590 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $42,000, on which a cash discount of 2% was taken. The inventory included $27,650 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,860 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 2021 in the amount of $30,710 were entered in the sales journal as of December 31, 2020. Of these, $19,950 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 $36,108. Of this amount, $24,108 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3. 4. Calculate the following adjusted balances. Cash Accounts Receivable so Inventory Accounts Payable Notes Payable 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.) Allessandro Scarlatti Company Balance Sheet (Partial) December 31, 2014 Current Assets 1 Cash 76256 1 Accounts Receivable 95880 Your answer is partially correct. Try again. 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.) Allessandro Scarlatti Company Balance Sheet (Partial) December 31, 2014 Current Assets Cash 76256 Accounts Receivable 95880 Less Allowance for Doubtful Ace -8970 T 86910 1 Inventory 161920 9110 Prepaid Expenses Total Current Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable Total Current Liabilities