The bookkeeper for Kingbird Company has prepared the following balance sheet as of July $31,2020.$

The following additional information is provided.

Cash includes $$1,200$ in a petty cash fund and $$13,000$ in a bond sinking fund.

The net accounts receivable balance is comprised of the following two items: $($a$)$ accounts receivable $$47,780$ and $($b$)$

allowance for doubtful accounts $$3,500.$

Inventory costing $$5,595$ was shipped out on consignment on July $31,2020.$ The ending inventory balance does not include

the consigned goods. Receivables in the amount of $$5,595$ were recognized on these consigned goods.

Equipment had a cost of $$115,780$ and an accumulated depreciation balance of $$31,780.$

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 $31,2020,$ from the available information, adjusting the account balances using

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