The bookkeeper for Monty Company has prepared the following balance sheet as of July 31, 2025. Monty Company Balance Sheet As of July 31, 2025 Cash $55,200 Notes and accounts payable $35,200 Accounts receivable (net) 32,400 Long-term liabilities 60,000 Inventory 48,000 Stockholders' equity 124,400 Equipment (net) 67,200 $219,600 Patents 16,800 $219,600 The following additional information is provided. 1. Cash includes $960 in a petty cash fund and $12,000 invested in a 24-month certificate of deposit. 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $35,200 and (b) allowance for doubtful accounts $2,800. 3. 4. 5. Inventory costing $4,240 was shipped out on consignment on July 31, 2025. The ending inventory balance does not include the consigned goods. Receivables in the amount of $4,240 were recognized on these consigned goods. Equipment had a cost of $89,600 and an accumulated depreciation balance of $22,400. don Income taxes payable of $4,800 were accrued on July 31. Monty 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.) MONTY COMPANY Balance Sheet Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory Long-term Investments 3 MONTY COMPANY Balance Sheet 0 Assets Liabilities and Stockholders' Equity