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

MARIGOLD COMPANY BALANCE SHEET AS OF JULY 31, 2020
Cash		$ 72,720		Notes and accounts payable		$ 47,720
Accounts receivable (net)		44,220		Long-term liabilities		78,720
Inventory		63,720		Stockholders equity		159,220
Equipment (net)		84,000				$285,660
Patents		21,000
		$285,660

The following additional information is provided.

1.		Cash includes $1,200 in a petty cash fund and $12,180 in a bond sinking fund.
2.		The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $47,720 and (b) allowance for doubtful accounts $3,500.
3.		Inventory costing $5,056 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,056 were recognized on these consigned goods.
4.		Equipment had a cost of $115,720 and an accumulated depreciation balance of $31,720.
5.		Income taxes payable of $6,000 were accrued on July 31. Marigold 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.

MARIGOLD COMPANY Balance Sheet July 31, 2020 Assets T Current Assets I Cash 66540 I Accounts Receivable 42664 ssl.T Allowance for Doubtful Accounts counts 3 500 39164 T Inventory corrererererererererererererem Accumulated Depreciation-Equipment .... ................ Liabilities and Stockholders' Equity Current Liabilities T Notes and Accounts Payable 47720 T Income Tax Payable 6000 53720 78720 Total Liabilities and Stockholders' Equity 291660