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Inventory Prepaid expenses 1. 2. The following errors have been discovered in the corporation's accounting: 3. 4. (a) January 2024 cash disbursements that were entered as at December 2023 included payments of accounts payable in the amount of $41,000. The inventory balance is based on an inventory count that included $28,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $18,000 was received on consignment; the remainder was purchased f.o.b. destination. Current Assets Sales for the first four days of January 2024 in the amount of $32,000 were entered in the sales book as at December 31, 2023. Of these, $23,500 were sales on account and the remainder were cash sales. Cash Cash, not including cash sales, collected in January 2024 and entered as at December 31, 2023, totalled $34,324. Of this amount, $26,068 was received on account; the remainder was proceeds on a bank loan. (The amount owed to the bank for January 2024 was included as part of the Notes Payable account.) Accounts Receivable Restate the statement of financial position's current assets and current liabilities sections. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity. Round answers to O decimal places, e.g. 5,752.) Inventory 226,320 Less V Allowance for Expected Credit Losses Prepaid Expenses 9,100 $371,520 Total Current Assets Current Liabilities Accounts Notes Payable $143,000 Total Current Liabilities SWIFTY CORP. Partial Statement of Financial Position December 31, 2023 $ ✓ 7900 $ $

Inventory Prepaid expenses 1. 2. The following errors have been discovered in the corporation's accounting: 3. 4. (a) January 2024 cash disbursements that were entered as at December 2023 included payments of accounts payable in the amount of $41,000. The inventory balance is based on an inventory count that included $28,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $18,000 was received on consignment; the remainder was purchased f.o.b. destination. Current Assets Sales for the first four days of January 2024 in the amount of $32,000 were entered in the sales book as at December 31, 2023. Of these, $23,500 were sales on account and the remainder were cash sales. Cash Cash, not including cash sales, collected in January 2024 and entered as at December 31, 2023, totalled $34,324. Of this amount, $26,068 was received on account; the remainder was proceeds on a bank loan. (The amount owed to the bank for January 2024 was included as part of the Notes Payable account.) Accounts Receivable Restate the statement of financial position's current assets and current liabilities sections. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity. Round answers to O decimal places, e.g. 5,752.) Inventory 226,320 Less V Allowance for Expected Credit Losses Prepaid Expenses 9,100 $371,520 Total Current Assets Current Liabilities Accounts Notes Payable $143,000 Total Current Liabilities SWIFTY CORP. Partial Statement of Financial Position December 31, 2023 $ ✓ 7900 $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The current assets and current liabilities sections of the statement of financial position of Swifty Corp. are as follows: Cash Accounts receivable Allowance for expected credit losses Inventory Prepaid expenses 1. 2. 3. 4. (a) The following errors have been discovered in the corporation's accounting: Current Assets Cash Accounts Receivable Less V SWIFTY CORP. Statement of Financial Position (Partial) December 31, 2023 $46,000 Inventory January 2024 cash disbursements that were entered as at December 2023 included payments of accounts payable in the amount of $41,000. $98,000 7,900 The inventory balance is based on an inventory count that included $28,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $18,000 was received on consignment; the remainder was purchased f.o.b. destination. Prepaid Expenses Sales for the first four days of January 2024 in the amount of $32,000 were entered in the sales book as at December 31, 2023. Of these, $23,500 were sales on account and the remainder were cash sales. Total Current Assets Current Liabilities Cash, not including cash sales, collected in January 2024 and entered as at December 31, 2023, totalled $34,324. Of this amount, $26,068 was received on account; the remainder was proceeds on a bank loan. (The amount owed to the bank for January 2024 was included as part of the Notes Payable account.) Accounts Payable 90,100 Restate the statement of financial position's current assets and current liabilities sections. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity. Round answers to O decimal places, e.g. 5,752.) Notes Payable 226,320 9.100 $371,520 Total Current Liabilities Allowance for Expected Credit Losses Accounts payable Notes payable V $69,000 75,000 $143,000 $ SWIFTY CORP. Partial Statement of Financial Position December 31, 2023 7900 i $ $ $ $
Transcribed Image Text:The current assets and current liabilities sections of the statement of financial position of Swifty Corp. are as follows: Cash Accounts receivable Allowance for expected credit losses Inventory Prepaid expenses 1. 2. 3. 4. (a) The following errors have been discovered in the corporation's accounting: Current Assets Cash Accounts Receivable Less V SWIFTY CORP. Statement of Financial Position (Partial) December 31, 2023 $46,000 Inventory January 2024 cash disbursements that were entered as at December 2023 included payments of accounts payable in the amount of $41,000. $98,000 7,900 The inventory balance is based on an inventory count that included $28,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $18,000 was received on consignment; the remainder was purchased f.o.b. destination. Prepaid Expenses Sales for the first four days of January 2024 in the amount of $32,000 were entered in the sales book as at December 31, 2023. Of these, $23,500 were sales on account and the remainder were cash sales. Total Current Assets Current Liabilities Cash, not including cash sales, collected in January 2024 and entered as at December 31, 2023, totalled $34,324. Of this amount, $26,068 was received on account; the remainder was proceeds on a bank loan. (The amount owed to the bank for January 2024 was included as part of the Notes Payable account.) Accounts Payable 90,100 Restate the statement of financial position's current assets and current liabilities sections. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity. Round answers to O decimal places, e.g. 5,752.) Notes Payable 226,320 9.100 $371,520 Total Current Liabilities Allowance for Expected Credit Losses Accounts payable Notes payable V $69,000 75,000 $143,000 $ SWIFTY CORP. Partial Statement of Financial Position December 31, 2023 7900 i $ $ $ $
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