NOVAK COMPANY BALANCE SHEET AS OF JULY 31, 2017 Cash Accounts receivable (net) Inventory Equipment (net) Patents $ 45,450 76,450 156,950 $278,850 $ 70,450 Notes and accounts payable 41,950Long-term liabilities 61,450 Stockholders' equity 84,000 21,000 $278,850 The following additional information is provided 1. Cash includes $1,200 in a petty cash fund and $12,310 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $45,450 and (b) allowance for doubtful accounts $3,500 3. Inventory costing $5,522 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,522 were recognized on these consigned goods 4. Equipment had a cost of $113,450 and an accumulated depreciation balance of $29,450 5. Income taxes payable of $6,000 were accrued on July 31. Novak 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)