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The bookkeeper for Sheffield Corp. has prepared the following statement of financial position as at July 31, 2020: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) SHEFFIELD CORP. Statement of Financial Position As at July 31, 2020 $88,000 49,600 64,000 141,000 30,000 $372,600 Notes and accounts payable Long-term liabilities Shareholders' equity The following additional information is provided: $57,000 92,000 223,600 $372,600 The following additional information is provided: 1. 2. 3. 4. 5. 6. 7. (a) Cash includes $2,300 in a petty cash fund and $22,000 in a bond sinking fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $63,000; (b) accounts receivable credit balances $8,900; and (c) allowance for doubtful accounts $4,500. Inventory costing $6,900 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $6,900 were recognized on these consigned goods. Equipment had a cost of $183,000 and an accumulated depreciation balance of $42,000. Income Tax Payable of $10,000 was accrued on July 31. Sheffield Corp., 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 tax payable account. Long-term liabilities are bonds payable issued at par, due in 2025. Shareholders' equity is made up of two account balances: Common Shares of $149,100 and Retained Earnings of $74,500. Use the information available to prepare a corrected classified statement of financial position as at July 31, 2020. (Adjust the account balances based on the additional information.) (List Current Assets in order of liquidity.) SHEFFIELD Corp. Statement of Financial Position Assets $ M:[ Liabilities and Shareholders' Equity 10 10 Liabilities and Shareholders' Equity $ $