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me Read, Study & ? https://edugenwileyplus.com/edugen/shared assignment/testolprinturi ignment> Open Ass MESSAGE MY INSTRUCTOR FU Exercise 5-9 SIGNMENT SOURCES apter 5 Assignment The current assets and current liabilities sections of the balance sheet of Culver Company appear as follows CULVER COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Brief Exercise 5 S 64,720 67,890 $132,610 Cash 47,800 Accounts payable xercise Accounts receivable Notes payable $91,000 7,810 Less: Allowance for doubtful accounts Inventory Prepaid expenses 83,190 175,740 9,770 $316,500 eview Results by tudy Ob 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 2· The inventory included $30,240 of merchandise that had been received at December 31 but for which no purchase of $44,100, on which a cash discount of 2% was taken of $44,100, on which a cash d ices had been received or ente invoices had been received or entered. Of this amount, $10,320 had been received on consignment; the remainder was purchased f.?.b, destination, terms 2/10, n/30 31, 2017. Of these, $22,420 Sales for the first four days in January 2018 in the amount of $31,880 were entered in the sales journal as of December 31, 2017. Of these, $22,420 were sales on account and the remainder were cash sales. 3. amount, $22,932 was receive 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $34,932. of this amount, $22,932 was received on account after cash discounts of 290 had been deducted; the remainder represented the proceeds of a bank loan.

Explanation / Answer

Adjusted Cash: Cash Balance 47800 Add: Cash disbursements [44100 *98%] 43218 Less: Cash Sales [31880-22420] 9460 Less: Cash collected on account 22932 Less: Bank Loan proceeds [34932-22932] 12000 Balance 46626 Accounts Receivable Accounts Receivable Balance 91000 Add: January Collection [22932/0.98] 23400 Less: Collections on account 22420 Balance 91980 Inventory Inventory balance 175740 Add: Goods on consignment 10320 Balance 186060 Accounts Payable Accounts Payable balance 64720 Add: Cash Disbursement 44100 Add: Purchases omitted [30240-10320] 19920 Balance 128740 Notes Payable Notes Payable balance 67890 Add: Loan proceeds 12000 Balance 79890 Assets Cash 46626 Accounts Receivable 91980 Less: Allowance for doubtful debts 7810 84170 Inventory 186060 Prepaid Expenses 9770 Total 326626 Liabilities and Stockholders Equity Accounts Payable 128740 Notes Payable 79890 Total 208630

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