(a2) Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practic (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity.) $ 64,090 The current assets and current liabilities sections of the balance sheet of Whispering Company appear as follows. WHISPERING COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $ 42,800 Accounts payable Accounts receivable $98,100 Notes payable Less: Allowance for doubtful accounts 8,530 89,570 Inventory 157,330 Prepaid expenses 8,110 $297,810 66,410 WHISPERING COMPANY Balance Sheet (Partial) $130,500 Asset The following errors in the corporation's accounting have been discovered: 1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $43,400, on which a cash discount of 2% was taken. 2. The inventory included $30,790 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,860 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first four days in January 2018 in the amount of $29,350 were entered in the sales journal as of December 31, 2017. Of these, $21,600 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $37,480. Of this amount, $25,480 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. (al) Your answer is correct. Liabilities and Stockholders' Equity Calculate the following adjusted balances. Cash 40102 $ Accounts Receivable 102500 Inventory 1464701 Accounts Payable 127420 Notes Payable 54410