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

The following additional information is provided.

1. Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund.

2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3,500.

3. Inventory costing $5,300 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods.

4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000.

5. Income taxes payable of $6,000 were accrued on July 31. Geronimo Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was off set against the income taxes payable amount.

Instructions

Prepare a corrected classified balance sheet as of July 31, 2020, from the available information, adjusting the account balances using the additional information.

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Geronimo Company Balance Sheet As of July 31, 2020 $ 69,000 $ 44,000 75,000 Cash Notes and accounts payable Long-term liabilities Stockholders' equity Accounts receivable (net) 40,500 155,500 Inventory Equipment (net) 60,000 84,000 $274,500 Patents 21,000 $274,500