*Exercise 5-6 The bookkeeper for Concord Company has prepared the following balance sheet as of July 31, 2017 CONCORD COMPANY BALANCE SHEET AS OF JULY 31, 2017 Cash Accounts receivable (net) Inventory Equipment (net) Patents 017 73,930 Notes and accounts payable 45,430 Long-term liabilities 64,930 Stockholders' equity 84,000 21,000 $ 48,930 79,930 160,430 $289,290- $289,290 The following additional information is provided 1. Cash includes $1,200 in a petty cash fund and $12,810 in a bond sinking fund 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $48,930 and (b) allowance for doubtful accounts $3,500. 3. Inventory costing $5,569 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,569 were recognized on these consigned goods. 4. Equipment had a cost of $116,930 and an accumulated depreciation balance of $32,930. 5. Income taxes payable of $6,000 were accrued on July 31. Concord Company, however, had set up a cash fund to vable $ entory bala meet this obligation. This cash fund was not included in the cash balance, but was offset against the income taxes payable amount. set up a ca 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) repa adjusting t re a correc