Exercise 5-6 The bookkeeper for Carla Company has prepared the following balance sheet as of July 31, 2017 Cash Accounts receivable (net) Inventory Equipment (net) Patents CARLA COMPANY BALANCE SHEET AS OF JULY 31, 2017 $ 73,300 Notes and accounts payable 44,800 Long-term liabilities 64,300 Stockholders' equity 84,000 21,000 $287.400 $ 48,300 79,300 159,800 $287,400 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,450 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $46,300 and (b) allowance for doubtful accounts $3,500. 3. Inventory costing $5,659 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,659 were recognized on these consigned goods. 4. Equipment had a cost of $116,300 and an accumulated depreciation balance of $32,300. 5. Income taxes payable of $6,000 were accrued on July 31. Carla 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, 2017, from the available information, adjusting the account balances using the additional information. (List Current Assets in order of liquidity) Prepare a corrected classified balance sheet as of July 31, 2017, from the available information, adjusting the account balances using the additional infor CARLA COMPANY Balance Sheet July 31, 2017 Assets Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts s