The bookkeeper for Headland Company has prepared the following balance sheet as of July $31,2025.$

The following additional information is provided.

Cash includes $$1,296$ in a petty cash fund and $$16,200$ invested in a $24-$month certificate of deposit.

The net accounts receivable balance is comprised of the following two items: $($a$)$ accounts receivable $$47,520$ and $($b$)$

allowance for doubtful accounts $$3,780.$

Inventory costing $$5,724$ was shipped out on consignment on July $31,2025.$ The ending inventory balance does not include

the consigned goods. Receivables in the amount of $$5,724$ were recognized on these consigned goods.

Equipment had a cost of $$120,960$ and an accumulated depreciation balance of $$30,240.$

Income taxes payable of $$6,480$ were accrued on July $31.$ Headland 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 $31,2025,$ from the available information, adjusting the account balances using

the additional information. $($List Current Assets in order of liquidity.$)$

HEADLAND COMPANY

Balance Sheet

Assets

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