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The current assets and current liabilities sections of the balance sheet of Crane Co.appear as follows. Crane Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19.100 Accounts payable $27,000 Accounts receivable $38.600 Notes payable 13,000 Less: Allowance for doubtful accounts 2,400 36,200 Unearned revenue 2,900 Inventory 63,400 Total current liabilities $42.900 Prepaid expenses 6,400 Total current assets $125,100 The following errors in the corporation's accounting have been discovered: 1. Keane collected $5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 2. The inventory amount reported included $3,200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount. $900 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30. 3. Sales for the first day in January 2018 in the amount of $12,500 were entered in the sales journal as of December 31, 2017. Of these, $6,800 were sales on account and the remainder were cash sales. 4. Cash, collected in December 2017, but entered as received in January 2018 totaled $2,400. Of this amount, $2,254 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. 5. Cash of $5,500 received in January 2018 was entered as received in December 2017. This cash represented the proceeds of a bank loan that matures in July 2018. 6. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $8,100, on which a cash discount of 1% was taken. Your answer is partially correct. Calculate the following adjusted balances. Cash $ Accounts Receivable $ Inventory 62500 Accounts Payable $ Notes Payable $ Unearned Revenue $ 8100 e Textbook and Media 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.) CRANE COMPANY Balance Sheet (Partial) December 31, 2017 Asset Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory 7 62500 Prepaid Expenses Total Current Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable 7 Unearned Revenue V 8100 Total Current Liabilities State the net effect of your adjustments on Crane's retained earnings balance. Decrease v to retained earnings $ Question 18 0.49. View Policies Show All pllllry Current Attempt in Progress The current assets and current liabilities sections of the balance sheet of Crane Co appear as follows. Crane Co Balance Sheet (Partial As of December 31, 2017 $19.100 Accounts payable Cash $27,000 Accounts receivable $38,600 Notes payable 13.000 Less: Allowance for doubtful accounts 2.400 36,200 Unearned revenue 2.900 Inventory 63,400 Total current liabilities $42.900 Prepaid expenses 0.900 Total current assets $125,100 The following crrors in the corporation's accounting have been discovered: 1. Keane collected $5,200 on December 20 2017 as a down payment for services to be performed in January2018 The company's controller recorded the amount as revenue 2. The inventory amount reported includes $3.200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered of this amount, $900 had been received on consignments the remainder was purchased f.a.b.destination terms 2/10, 1/30. 3. Sales for the first day in January 2018 in the amount of $12.900 were entered in the sales journals of December 31, 2017. Of these $6800 were sales on Arcount and the remainder were cash sales 4. Casi collected in December 2017, bul entered as received in January 2018 totaled $2,400. Or this amount. 52.254 was received on count aller asiwunts of 28 had been deducted the remainder was collected for all sales 5. Cash of $5,500 received in January 2018 was entered as received in December 2017. This cash represented the proceeds of a bark loan that matures in July 2018. 4. January 2018 cash disbursements entered as of December 2017 included payments of arcounts payable in the amount of $2,100 on which acash discount of wastakon. - Your answer is partially correct. Calculate the following adjusted balances, Cash S Accounts Receivables Inventary S 2500 Accounts Payable S Nores Payable 10 Uneatrul Revenue $ V100 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.) CRANE COMPANY Balance Sheet (Partial) December 31, 2017 Asset Current Assets Cash V Accounts Receivable $ Allowance for Doubtful Accounts Inventory 62500 Prepaid Expenses Total Current Assets 7 $ Liabilities and Stockholders' Equity Current Liabilities 7 Accounts Payable v Notes Payable Unearned Revenue 8100 Total Current Liabilities $ e Textbook and Media - Your answer is partially correct. State the net effect of your adjustments on Crane's retained earnings balance Decrease to retained earnings $