Allessandro Scarlatti Company

Allessandro Scarlatti Company Balance Sheet Partial December 31, 2014
Cash $42,270
Accounts Receivable $96,720
Less: Allowance for doubtful accounts $8960
Inventory $177,630
Prepaid Expenses $9470
Accounts Payable $65,190
Notes Payable $67,510

The following errors in the corporation’s accounting have been discovered:
1. January 2015 cash disbursements entered as of December 2014 included payments of account payable in the amount of $40,900, on which a cash discount of 2% was taken.
2. The inventory included $31,600 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,900 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 2015 in the amount of $31,620 were entered in the sales journal as of December 31, 2014. Of these, $31,450 were sales on account and the remainder were cash sales.
4. Cash, not including cash sales, collected in January 2015 and entered as of December 31, 2014, totaled $38,148. Of this amount, $28,028 was received on account after ash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

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Calculate the following adjusted balances.
Cash
Accounts Receivable
Inventory
Accounts Payable
Notes Payable

Then,
Restate the current assets and current liabilities section of the balance sheet in accordance with good accounting practice. Assume that both accounts receivable and accounts payable are recorded gross.

 

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