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On the morning of January 2, 2020, the Accounting Manager of ML Corporation, extracted a trial balance as of December 31, 2019, from the companys online accounting software. It was the first day of operations in 2020 since the company closed after its operating hours last December 31, 2019. The following details are shown:

ML CORPORATION TRIAL BALANCE December 31, 2019 Credit Debit 5,000 37,900 1,800,000 1,700,000 97,000 60,150 2,500 815,000 22,000 120,000 200,000 Petty Cash Fund Cash in Bank Investments Accounts Receivable Allowance for Bad Debts Notes Receivable Interest Receivable Merchandise Inventory Office Supplies on Hand Prepaid Insurance Leasehold Improvements Accumulated Depreciation - Leasehold Improvements Equipment Accumulated Depreciation - Equipment Accounts Payable Loan Payable Utilities Payable Deferred Revene Ordinary Share Capital, P100 par Share Premium Treasury Shares, 1,000 shares Retained Earnings 30,000 550,000 206,250 914,000 200,000 54,600 175,000 1,000,000 200,000 150,000 1,044, 100 QUESTIONS: 1) What is the amount of cash shortage or overage? (put a negative sign in your answer if it is a shortage, and input the absolute amount if it is an overage) 2) What is the amount of adjusted total bank disbursements in December? 3) What is the correct cash in bank balance on November 30,2019? 4) What is the correct cash in bank balance on December 31, 2019? 5) What is the total amount of cash and cash equivalents? 6) What is the adjusted balance of the allowance for bad debts on December 31, 2019? 7) What is the amount of merchandise inventories to be reported in the Statement of Financial Position as of December 31, 201921 8) What is the amount of depreciation expense to be reported in 2019? 9) What is the carrying of property, plant and equipment to be reported on the Statement of Financial Position? 10) What is the amount of total current assets to be reported in the Statement of Financial Position? ML CORPORATION TRIAL BALANCE December 31, 2019 Credit Debit 5,000 37,900 1,800,000 1,700,000 97,000 60,150 2,500 815,000 22,000 120,000 200,000 Petty Cash Fund Cash in Bank Investments Accounts Receivable Allowance for Bad Debts Notes Receivable Interest Receivable Merchandise Inventory Office Supplies on Hand Prepaid Insurance Leasehold Improvements Accumulated Depreciation - Leasehold Improvements Equipment Accumulated Depreciation - Equipment Accounts Payable Loan Payable Utilities Payable Deferred Revene Ordinary Share Capital, P100 par Share Premium Treasury Shares, 1,000 shares Retained Earnings 30,000 550,000 206,250 914,000 200,000 54,600 175,000 1,000,000 200,000 150,000 1,044, 100 QUESTIONS: 1) What is the amount of cash shortage or overage? (put a negative sign in your answer if it is a shortage, and input the absolute amount if it is an overage) 2) What is the amount of adjusted total bank disbursements in December? 3) What is the correct cash in bank balance on November 30,2019? 4) What is the correct cash in bank balance on December 31, 2019? 5) What is the total amount of cash and cash equivalents? 6) What is the adjusted balance of the allowance for bad debts on December 31, 2019? 7) What is the amount of merchandise inventories to be reported in the Statement of Financial Position as of December 31, 201921 8) What is the amount of depreciation expense to be reported in 2019? 9) What is the carrying of property, plant and equipment to be reported on the Statement of Financial Position? 10) What is the amount of total current assets to be reported in the Statement of Financial Position

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