Question1 The bookkeeper for Bramble Company has prepared the following balance sheet as of July 31, 2017 BRAMBLE COMPANY BALANCE SHEET AS OF JULY 31, 2017 $73,120 Notes and accounts payable Cash Accounts receivable (net) Inventory Equipment (net) Patents 44,620 Long-term liabilities 64,120 Stockholders' equity 84,000 21,000 $48,120 79,120 159,620 $286,860 $286,860 The following additional information is provided 1. Cash includes $1,200 in a petty cash fund and $13,110 in a bond sinking fund 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $48,120 and (b) allowance for doubtful accounts $3,500 3. Inventory costing $5,248 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,248 were recognized on these consigned goods. 4. Equipment had a cost of $116,120 and an accumulated depreciation balance of $32,120 5. Income taxes payable of $6,000 were accrued on July 31. Bramble 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)