I have tried the following method with an answer of -19800 but it doesn't work. Please help.
![Adjustment to retained earnings balance: Add: January sales discounts [($2842 98%) X.2%] Deduct: Down payment 4100 January sa](http://img.homeworklib.com/questions/f1af4830-6efd-11ea-954e-47f8f5c4438e.png?x-oss-process=image/resize,w_560)
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I have tried the following method with an answer of -19800 but
it doesn't work. Please...
Please show how you got the retained earnings The current assets and current liabilities sections of...
Please show how you got the retained earnings
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following errors in the corporation's accounting have been discovered: 1....
Can you please show me how to answer this. Thank you! Exercise 5-9 (Part Level Submission)...
Can you please show me how to answer this. Thank you! Exercise 5-9 (Part Level Submission) The current assets and current liabilities sections of the balance sheet of Cheyenne Company appear as follows. CHEYENNE COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $ 40,100 Accounts payable $ 59,850 Accounts receivable $89,200 Notes payable 60,600 Less: Allowance for doubtful accounts 8,330 80,870 $120,450 Inventory 161,250 Prepaid expenses 9,400 $291,620 The following errors in the corporation’s accounting have been discovered: 1. January...
Restate the current assets and current liabilities sections of the balance sheet in accordance with good...
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The...
The current assets and current liabilities sections of the balance sheet of Wildhorse Co. appear as...
The current assets and current
liabilities sections of the balance sheet of Wildhorse Co. appear
as follows.
Wildhorse Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,800
Accounts payable
$28,300
Accounts
receivable
$39,500
Notes payable
13,600
Less: Allowance for doubtful accounts
2,200
37,300
Unearned revenue
2,500
Inventory
61,500
Total current
liabilities
$44,400
Prepaid expenses
5,100
Total current
assets
$122,700
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $4,400 on December
20, 2017 as...
The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows....
The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,000 Accounts payable $27,900 Accounts receivable $39,300 Notes payable 15,100 Less: Allowance for doubtful accounts 3,200 36,100 Unearned revenue 3,800 Inventory 62,100 Total current liabilities $46,800 Prepaid expenses 6,000 Total current assets $123,200 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,800 on December 20, 2017 as a...
Can you help with this on excel? I am trying to figure out the actual calculations....
Can you help with this on excel? I am trying to figure out the actual calculations. For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. E5-9 (L02,3) (Current Assets and Current Liabilities) The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows. ALLESSANDRO SCARLATTI COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $ 40,000 Accounts payable $ 61,000 Accounts...
Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $17,000 Accounts payable $27,000 Accounts...
Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $17,000 Accounts payable $27,000 Accounts receivable $38,000 Notes payable 13,000 Less: Allowance for doubtful accounts 1,000 37,000 Unearned revenue 2,000 Inventory 61,000 Total current liabilities $42,000 Prepaid expenses 5,000 Total current assets $120,000 The following errors in the corporation's accounting have been discovered: 1. Keane collected $3,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Flint Company...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Flint Company appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses FLINT COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 40,100 Accounts payable $89,200 Notes payable 8,330 80,870 161,250 9,400 $291,620 $ 59,850 60,600 $120,450 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 current assets and current liabilities sections of the balance sheet of BLANK Company appear as...
The current assets and current liabilities sections of the
balance sheet of BLANK Company appear as follows.
BLANK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 47,800
Accounts payable
$ 64,720
Accounts receivable
$91,000
Notes payable
67,890
Less:
Allowance for doubtful accounts
7,810
83,190
$132,610
Inventory
175,740
Prepaid expenses
9,770
$316,500
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...
Please follow the format as shown. The list of accounts are included at the bottom. Exercise...
Please follow the format as shown. The list of accounts are
included at the bottom.
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,700 Accounts receivable $92,700 Less: Allowance for doubtful accounts 7,640 85,060 Inventory 183,410 Prepaid expenses 8,130 $325,300 Accounts payable Notes payable $ 57,640 61,270 $118,910 The following errors in the corporation's accounting have been discovered: 1....
Please show how you got the retained earnings
The current assets and current liabilities sections of the balance sheet of Cullumber Co. appear as follows. Cullumber Co. Balance Sheet (Partial) As of December 31, 2017 Cash $18,500 Accounts payable $28,900 Accounts receivable $38,600 Notes payable 14,300 Less: Allowance for doubtful accounts 2,500 36,100 Unearned revenue 3,000 Inventory 61,900 Total current liabilities $46,200 Prepaid expenses 6,800 Total current assets $123,300 The following errors in the corporation's accounting have been discovered: 1....
Restate the current assets and current liabilities sections of
the balance sheet in accordance with good accounting practice.
The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Sunland Co. Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $39,600 Notes payable 3,200 36,400 Unearned revenue 61,100 Total current liabilities 7,400 $122,800 $29,500 15,400 3,800 $48,700 The...
The current assets and current
liabilities sections of the balance sheet of Wildhorse Co. appear
as follows.
Wildhorse Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$18,800
Accounts payable
$28,300
Accounts
receivable
$39,500
Notes payable
13,600
Less: Allowance for doubtful accounts
2,200
37,300
Unearned revenue
2,500
Inventory
61,500
Total current
liabilities
$44,400
Prepaid expenses
5,100
Total current
assets
$122,700
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $4,400 on December
20, 2017 as...
The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,000 Accounts payable $27,900 Accounts receivable $39,300 Notes payable 15,100 Less: Allowance for doubtful accounts 3,200 36,100 Unearned revenue 3,800 Inventory 62,100 Total current liabilities $46,800 Prepaid expenses 6,000 Total current assets $123,200 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,800 on December 20, 2017 as a...
Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $17,000 Accounts payable $27,000 Accounts receivable $38,000 Notes payable 13,000 Less: Allowance for doubtful accounts 1,000 37,000 Unearned revenue 2,000 Inventory 61,000 Total current liabilities $42,000 Prepaid expenses 5,000 Total current assets $120,000 The following errors in the corporation's accounting have been discovered: 1. Keane collected $3,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Flint Company appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses FLINT COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 40,100 Accounts payable $89,200 Notes payable 8,330 80,870 161,250 9,400 $291,620 $ 59,850 60,600 $120,450 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 current assets and current liabilities sections of the
balance sheet of BLANK Company appear as follows.
BLANK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 47,800
Accounts payable
$ 64,720
Accounts receivable
$91,000
Notes payable
67,890
Less:
Allowance for doubtful accounts
7,810
83,190
$132,610
Inventory
175,740
Prepaid expenses
9,770
$316,500
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...
Please follow the format as shown. The list of accounts are
included at the bottom.
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,700 Accounts receivable $92,700 Less: Allowance for doubtful accounts 7,640 85,060 Inventory 183,410 Prepaid expenses 8,130 $325,300 Accounts payable Notes payable $ 57,640 61,270 $118,910 The following errors in the corporation's accounting have been discovered: 1....
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