Early in January 2021, Blue Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020.

		Debit			Credit
Cash		$	71,880
Accounts Receivable (net)			37,970
Inventory			58,961
Equipment (net)			80,040
Patents			14,250
Accounts Payable					$	49,850
Notes Payable (due 2022)						72,970
Common Stock						107,400
Retained Earnings						32,881
		$	263,101		$	263,101

Except for the following items, Blue has recorded all adjustments in its accounts.

1.		Cash includes $490 petty cash and $16,090 in a bond sinking fund.
2.		Net accounts receivable is comprised of $50,540 in accounts receivable and $12,570 in allowance for doubtful accounts.
3.		Equipment had a cost of $107,680 and accumulated depreciation of $27,640.
4.		On January 8, 2021, one of Blue customers declared bankruptcy. At December 31, 2020, this customer owed Blue $8,220.

(a) Prepare a corrected December 31, 2020, balance sheet for Blue Company. (List Current Assets in order of liquidity.)

BLUE COMPANY Balance Sheet Assets S V S Liabilities and Stockholders' Equity > $ $