The bookkeeper for Marigold Corp. has prepared the following statement of financial position as at July 31 2020: MARIGOLD CORP Statement of Financial Position As at July 31, 2020 Cash $70,000 Notes and accounts payable $ 61,000 Accounts receivable (net) 52,000 Long-term liabilities 85,000 Inventory 72,000 Shareholders' equity 348,000 Equipment (net 273,000 Patents (net) 27.000 $ 494,000 $ 494,000 The following additional information is provided: 1 2 3. Cash includes $ 2400 in a petty cash fund and $ 24.000 in a bond sinking Fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances 65.000, (b) accounts receivable credit balances $8,100; and (c) allowance for doubtful accounts $4.900. Inventory costing S 7. 100 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of 57.100 were recognized on these consigned goods. 4. Equipment had a cost of $ 303,000 and an accumulated depreciation balance of $ 30,000 Income Tax Payable of $ 9,200 was accrued on July 31. Marigold Corp, 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 tax payable account Long-term fiabilities are bonds payable issued at par, due in 2025. Shareholders' equity is made up of two account balances Common Shares of S232.000 and Retained Earnings of S 116.000 5. 6. 7. (a) Use the information available to prepare a corrected classified statement of financial position as at July 31, 2020. (Adjust the account balances based on the additional information) (List Current Assets in order of liquidity) MARIGOLD Corp. Statement of Financial Position (a) Use the information available to prepare a corrected classified statement of financial position as at July 31, 2020. (Adjust the account balances based on the additional information) (List Current Assets in order of liquidity) MARIGOLD Corp Statement of Financial Position Assets $ Liabilities and Shareholders' Equity 5 I Liabilities and Shareholders' Equity $ > > V $