Current assets and liabilities, assignment help- COURSE FIGHTER |

Business Finance – COURSEFIGHER.COM
Current assets and liabilities, assignment help- COURSE FIGHTER |

I am confused on this problem. Need help on how to get the answer for the cash line and accounts receivables line? I can try to get the other ones myself. Just need the first two answers and explain how you got the answer so I can understand how you got the answer.

Cash $ 44,300 Accounts payable $ 58,160
Accounts receivable $94,400 Notes payable 66,420

Less: Allowance for doubtful accounts
7,400 87,000 $124,580
Inventory 174,040
Prepaid expenses 9,210

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 $39,900, on which a cash discount of 2% was taken.
2. The inventory included $30,450 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,920 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 $28,760 were entered in the sales journal as of December 31, 2017. Of these, $21,910 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 $33,168. Of this amount, $21,168 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

Collapse question part


Calculate the following adjusted balances.



Accounts Receivable




Accounts Payable


Notes Payable