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The bookkeeper for Blue Spruce Corp. has prepared the following statement of financial position as at July 31, 2020: BLUE SPRUCE CORP. Statement of Financial

The bookkeeper for Blue Spruce Corp. has prepared the following statement of financial position as at July 31, 2020:

BLUE SPRUCE CORP. Statement of Financial Position As at July 31, 2020
Cash $88,000 Notes and accounts payable $56,000
Accounts receivable (net) 52,000 Long-term liabilities 79,000
Inventory 78,000 Shareholders' equity 284,000
Equipment (net) 164,000
Patents (net) 37,000
$419,000 $419,000

The following additional information is provided:

1. Cash includes $1,600 in a petty cash fund and $27,000 in a bond sinking fund.
2. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $65,000; (b) accounts receivable credit balances $9,200; and (c) allowance for doubtful accounts $3,800.
3. Inventory costing $7,300 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $7,300 were recognized on these consigned goods.
4. Equipment had a cost of $203,000 and an accumulated depreciation balance of $39,000.
5. Income Tax Payable of $10,700 was accrued on July 31. Blue Spruce 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.
6. Long-term liabilities are bonds payable issued at par, due in 2025.
7. Shareholders equity is made up of two account balances: Common Shares of $189,300 and Retained Earnings of $94,700.

(a) 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.)

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