Exercise 5-9 (Part Level Submission)
Exercise 5-9 (Part Level Submission)
The current assets and current liabilities sections of the balance sheet of Swifty Company appear as follows.
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SWIFTY COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash$Â 46,800Accounts payable$Â Â 55,740Accounts receivable$94,800Notes payable68,130Â Â Â Â Less: Allowance for doubtful accounts7,66087,140$123,870Inventory166,770Prepaid expenses9,030Â Â $309,740Â Â
The following errors in the corporation’s accounting have been discovered:
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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 $29,980Â of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,920Â 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 $28,340Â were entered in the sales journal as of December 31, 2017. Of these, $20,610Â 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, $24,304Â was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.
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(a1)
Your answer is incorrect. Try again.  Calculate the following adjusted balances.
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Cash
$
Accounts Receivable
$
Inventory
$
Accounts Payable
$
Notes Payable
$
Answers
Status NEW
Posted 21 Apr 2017 01:04 AM
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