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The bookkeeper for Kingbird Company has prepared the following balance sheet as of July 31,2020....

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Accounting

The bookkeeper for Kingbird Company has prepared the following balance sheet as of July 31,2020.
The following additional information is provided.
Cash includes $1,200 in a petty cash fund and $13,000 in a bond sinking fund.
The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $47,780 and (b)
allowance for doubtful accounts $3,500.
Inventory costing $5,595 was shipped out on consignment on July 31,2020. The ending inventory balance does not include
the consigned goods. Receivables in the amount of $5,595 were recognized on these consigned goods.
Equipment had a cost of $115,780 and an accumulated depreciation balance of $31,780.
Income taxes payable of $6,000 were accrued on July 31. Kingbird Company, however, had set up a cash fund to meet this
obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount.
Prepare a corrected classified balance sheet as of July 31,2020, from the available information, adjusting the account balances using
the additional information. (List Current Assets in order of liquidity)
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