Current Attempt in Progress The bookkeeper for Headland Company has prepared the following balance sheet as of July 31, 2020. Cash Accounts receivable (net) Inventory Equipment (net) 438 Patents 1. 2. HEADLAND COMPANY BALANCE SHEET AS OF JULY 31, 2020 $70,290 41,790 61,290 84,000 The following additional information is provided. 21,000 $278,370 Notes and accounts payable Long-term liabilities Stockholders' equity $45,290 76,290 156,790 $278,370 -/12 Cash includes $1,200 in a petty cash fund and $12,940 in a bond sinking fund. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $45,290 and (b) allowance for doubtful accounts $3,500. ||| ...

The bookkeeper for Headland 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 $12,940 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $45,290 and (b) allowance for doubtfut accounts $3,500. The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,940 in a bond sinking fund. 2. The net accounts receivabla balance is comprised of the following two items: (a) accounts receivable $45,290 and (b) allowance for doubtful accounts $3,500. 3. Inventory costing $5,627 was shipped out on consignment on July 31,2020 . The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,627 were recognized on these consigned goods. 4. Equipment had a cost of $113,290 and an accumulated depreciation balance of $29,290. 5. Income taxes payable of $6,000 were accrued on July 31 . Headland 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)