The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts (15,000) 452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:
Cash 96, 578
Inventories 376,300
925,678
An examination of the accounts disclosed that the accounts receivable consisted of the following items:
Trade customers’ accounts 357,742
Due from employees – current 43,658
Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000
Selling price of merchandise on consignment at 140% of cost and not sold 50,400
Allowance for doubtful accounts (15,000)
452,800
What should be the adjusted amount of the current assets as at December 31, 1979?
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