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The current assets and current liabilities sections of the balance sheet of Martinez Company appear as follows. MARTINEZ COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 40,900 Accounts receivable $93,700 Less: Allowance for doubtful accounts 7,180 86,520 Inventory 156,960 Prepaid expenses 8,200 $292,580 Accounts payable Notes payable $ 62,500 64.780 $127.280 1. The following errors in the corporation's accounting have been discovered: January 2021 cash disbursements entered as of December 2020 Included payments of accounts payable in the amount of $42.200, on which a cash discount of 2% was taken 2. The inventory included $30,510 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,630 had been received on consignment, the remainder was purchased to.b.destination, terms 2/10, 1/30 Sales for the first four days in January 2021 in the amount of $31.270 were entered in the sales journal as of December 31, 2020. Of these, $20.620 were sales on account and the remainder were cash sales. Cash, not including cash sales collected in January 2021 and entered as of December 31, 2020, totaled $33,462. Or this amount. $21.462 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3 4 4. Cash, not including cash sales, collected in January 2021 and entered as of December 31, 2020, totaled $33,462. Of this amount, $21.462 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. Calculate the following adjusted balances. Cash $ Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $ $ List of Accounts MARTINEZ COMPANY Balance Sheet (Partial) Asset $ $ Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property. Plant and Equipment Total Stockholders' Equity Liabilities and Stockholders' Equity $ S State the net effect of your adjustments on Martinez Company's retained earnings balance. to retained earnings $ 1 List of Accounts

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