MESSAGE HY TNSTRUCTOR FULL SCREEN PRINTER VERSION BACK NETE Exerche 5-9 (Part Level Submission) The current assets and current abilities sections of the balance sheet of Splish Company appear as follows. SPLISH COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $40,100 Accounts payable Accounts receivable 389,200 Notes payable Less: Allowance for doubtful accounts 8,330 80,870 Inventory 161,250 Prepaid expenses 9.400 $201.620 $ 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 indluded payments of accounts payable in the amount of $41.500, on which a cash discount of was taken 2. The inventory dued $31,670 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount $12.240 had been received on consignment: the remainder was purchased to destination, torms 2/10, 1/30. 3. Sales for the first four days in January 2018 in the amount of $30,970 were entered in the sales journalas of December 31, 2017. of these. $19.780 were sales on account and the remainder were cash sales 4. Cash, not induting cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36.598. Of this amount, $24.598 was received on account after cash discounts of 25 had been deducted, the remainder represented the proceeds of a bank loan Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $ SHOW UST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity.) SUNLAND COMPANY Balance Sheet (Partial Asset Liabilities and Stockholders' Equity $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT State the net effect of your adjustments on Sunland Company's retained earnings balance. to retained earnings $ Click if you would like to Show Work for this question: Oren Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT search o a