Current Attemptin Progress

The bookkeeper for Bridgeport Company has prepared the following balance sheet as of July $31,$

$2025.$

Bridgeport Company

Balance Sheet

As of July $31,2025$

Cash $ $77,280$ Notes and accounts payable $ $49,280$

Accounts receivable $($net$)45,360$ Long$-$term liabilities $84,000$

Inventory $67,200$ Stockholders$$ equity $174,000$

Equipment $($net$)94,080$ $$307,280$

Patents $23,360$

$$307,280$

The following additional information is provided.

$1.$ Cash includes $$1,344$ in a petty cash fund and $$16,800$ invested in a $24-$month certificate

of deposit.

$2.$ The net accounts receivable balance is comprised of the following two items: $($a$)$ accounts

receivable $$49,280$ and $($b$)$ allowance for doubtful accounts $$3,920.$

$3.$ Inventory costing $$5,936$ was shipped out on consignment on July $31,2025.$ The ending

inventory balance does not include the consigned goods. Receivables in the amount of

$$5,936$ were recognized on these consigned goods.

$4.$ Equipment had a cost of $$125,440$ and an accumulated depreciation balance of $$31,360.$

Ch$4$ Balance Sheet

Question $3$ of $4-/22$

$5.$ Income taxes payable of $$6,720$ were accrued on July $31.$ Bridgeport 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 $31,2025,$ from the available information,

adjusting the account balances using the additional information. $($List Current Assetsin order of

liquidity.$)$Current Attempt in Progress

The bookkeeper for Bridgeport Company has prepared the following balance sheet as of July $31,2025.$

The following additional information is provided.

Cash includes $$1,344$ in a petty cash fund and $$16,800$ invested in a $24-$month certificate of deposit.

The net accounts receivable balance is comprised of the following two items: $($a$)$ accounts receivable $$49,280$ and $($b$)$

allowance for doubtful accounts $$3,920.$

Inventory costing $$5,936$ was shipped out on consignment on July $31,2025.$ The ending inventory balance does not include

the consigned goods. Receivables in the amount of $$5,936$ were recognized on these consigned goods.

Equipment had a cost of $$125,440$ and an accumulated depreciation balance of $$31,360.$

Income taxes payable of $$6,720$ were accrued on July $31.$ Bridgeport 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 $31,2025,$ from the available information, adjusting the account balances using

the additional information. $($List Current Assets in order of liquidity.$)$