The bookkeeper for Flounder Corp. has prepared the following statement of financial position as at July 31, 2020: FLOUNDER CORP. Statement of Financial Position As at July 31, 2020 Cash $71,000 Notes and accounts payable $51,000 Accounts receivable (net) 39,800 Long-term liabilities 92,000 Inventory 79,000 Shareholders' equity 210,800 Equipment (net) 126,000 Patents (net) 38,000 $353,800 $353,800 The following additional information is provided: 1. Cash includes $1,800 in a petty cash fund and $23,000 in a bond sinking fund. 2. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $53,000; (b) accounts receivable credit balances $8,900; and (c) allowance for doubtful accounts $4,300. 3. Inventory costing $5,400 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $5,400 were recognized on these consigned goods. 4. Equipment had a cost of $173,000 and an accumulated depreciation balance of $47,000. 5. Income Tax Payable of $10,400 was accrued on July 31. Flounder 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 $140,500 and Retained Earnings of $70,300. 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.) FLOUNDER Corp. Statement of Financial Position July 31, 2020 Assets Current Assets $ Cash Accounts Receivable Less Inventory Tabel C Allowance for Doubtful Accounts $ 17.0 Total Current Assets Long-Term Investments Bond Sinking Fund Investment Property, Plant, and Equipment Equipment Less : Accumulated Depreciation - Equipment Intangible Assets Patents Total Assets 10 $ Current Liabilities Notes Payable Accounts Payable Total Current Liabilities Total Liabilities li Long-term Liabilities Total Liabilities Common Shares Retained Earnings Liabilities and Shareholders' Equity $ $ Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Save for Later Last saved 22 minutes ago. $ Attempts: 0 of 5 use