Reference no: EM13737664
1. Cash includes $1,200 in a petty cash fund and $12,490 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances $55,590; (b) accounts receivable-credit balances $8,000; (c) allowance for doubtful accounts $3,500.
3. Merchandise inventory costing $5,430 was shipped out on consignment on July 31, 2012. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,430 were recognized on these consigned goods.
4. Equipment had a cost of $115,590 and an accumulated depreciation balance of $31,590.
5. Taxes payable of $9,380 were accrued on July 31. Garfield 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 taxes payable amount.
Prepare a corrected classified balance sheet as of July 31, 2012, from the available information, adjusting the account balances using the additional information. (List current assets in order of liquidity)
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