The bookkeeper for Kingbird Company has prepared the following balance sheet as of July 31, 2017 KINGBIRD COMPANY BALANCE SHEET AS OF JULY 31, 2017 $48,440 79,440 159,940 $287,820 Cash $73,440 Notes and accounts payable Accounts receivable (net) 44,940 Long-term liabilities 64,440 Stockholders' equity 84.000 21,000 Equipment (net) $287,820 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $11,820 in a bond sinking fund 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $48,440 and (b) allowance for doubtful accounts $3,500. 3. Inventory costing S5,389 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,389 were recognized on these consigned goods. 4. Equipment had a cost of $116,440 and an accumulated depreciation balance of $32,440. 5. Income taxes payable of $6,000 were accrued on July 31. Kingbird 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) 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 KINGBIRD COMPANY Balance Sheet Assets urrent As 7,620 Accounts Roceivabol llowance for Doubtful Accounts 829 otal Intangible Assets 11,820.00 Current Assets Sinking Fu 1,820 Total Current Assets Equiemen 1,16,440.00 440 mulated Depreciation-Equipment otal Property, Plant an 21,0000 otal As 2,93,820.00 Liabilities and Stockholders' Equity t Liabilitie s and Accounts Pa Long-term Liabilities 79,440 Stockholders' Equity 59,940 otal Current Liabilities Long-term Investments I Liabilities and S Question Attempts: 1 of 5 used 2000-2019 by John wley & Sons. Ine. or related comparies. A1 ngres reserved