- The Current Assets And Current Liabilities Sections Of The Balance Sheet Of Sunland Co Appear As Follows Sunland Co B 1 (25.3 KiB) Viewed 58 times
The following errors in the corporation's accounting have been discovered: 1. 2. 3. 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. 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, $2,400 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30. Sales for the first day in January 2018 in the amount of $11,900 were entered in the sales journal as of December 31, 2017. Of these, $7,800 were sales on account and the remainder were cash sales. Cash, collected in December 2017, but entered as received in January 2018 totaled $2,100. Of this amount, $1,960 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. Cash of $5,100 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. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $7,600, on which a cash discount of 1% was taken. 4. 5. . 6.
Your answer is correct. Calculate the following adjusted balances. Cash CA $ 18824 Accounts Receivable $ 29100 Inventory CA $ 60900 Accounts Payable $ $ 36000 Notes Payable $ 9700 Unearned Revenue CA $ 8800
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.) SUNLAND COMPANY Balance Sheet (Partial) December 31, 2017 Asset Current Assets Cash $ $ 18824 Accounts Receivable $ 29100 Less : Allowance for Doubtful Accounts 1700 i 27400 Inventory 60900 Prepaid Expenses < 5900
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.) SUNLAND COMPANY Balance Sheet (Partial) December 31, 2017 Asset Current Assets Cash $ $ 18824 Accounts Receivable $ 29100 Less : Allowance for Doubtful Accounts 1700 i 27400 Inventory 60900 Prepaid Expenses < 5900
Prepaid Expenses 5900 Total Current Assets $ $ 113024 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ $ 36000 Notes Payable 9700 Unearned Revenue 8800 Total Current Liabilities $ 54500
(b) Your answer is partially correct. State the net effect of your adjustments on Sunland's retained earnings balance. Decrease to retained earnings $
-- Your answer is partially correct. State the net effect of your adjustments on Sunland's retained earnings balance. Decrease to retained earnings $ 17076 e Textbook and Media Save for Later Attempts: unlimited Submit Answer