Question - 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$ 46,800
Accounts payable $55,740
Accounts receivable $94,800
Notes payable 68,130
Less: Allowance for doubtful accounts 7,66087,140 $123,870
Inventory 166,770
Prepaid expenses 9,030 $309,740
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 $39,300, on which a cash discount of 2% was taken.
2. The inventory included $29,980 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,920 had 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 $28,340 were entered in the sales journal as of December 31, 2017. Of these, $20,610 were 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, $24,304 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.
Your answer is incorrect. Try again. Calculate the following adjusted balances.
Cash $
Accounts Receivable $
Inventory $
Accounts Payable $
Notes Payable $