The bookkeeper for Grouper Company has prepared the following balance sheet as of July 31, 2025. Grouper Company Balance Sheet As of July 31, 2025 Cash $55,200 Notes and accounts payable $ 35,200 Accounts receivable (net) 32,400 Long-term liabilities 60,000 Inventory 48,000 Stockholders' equity 124,400 Equipment (net) 67,200 $219,600 Patents 16,800 $219,600 The following additional information is provided. 1. Cash includes $960 in a petty cash fund and $12,000 invested in a 24-month certificate of deposit. 2. 3. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $35,200 and (b) allowance for doubtful accounts $2,800. Inventory costing $4,240 was shipped out on consignment on July 31, 2025. The ending inventory balance does not include the consigned goods. Receivables in the amount of $4,240 were recognized on these consigned goods. 4. Equipment had a cost of $89,600 and an accumulated depreciation balance of $22,400. 5. Income taxes payable of $4,800 were accrued on July 31. Grouper 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.