Current assets and liabilities, assignment help

Current assets and liabilities, assignment help.

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
$314,550

The following errors in the corporation’s accounting have been discovered:

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now
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

(a1)

Calculate the following adjusted balances.

Cash

$

Accounts Receivable

$

Inventory

$

Accounts Payable

$

Notes Payable

$

Current assets and liabilities, assignment help

 
"If this is not the paper you were searching for, you can order your 100% plagiarism free, professional written paper now!"

"Do you have an upcoming essay or assignment due?


Get any topic done in as little as 6 hours

If yes Order Similar Paper

All of our assignments are originally produced, unique, and free of plagiarism.