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The bookkeeper for Odie Company has prepared the following balance sheet as of June 30,2025 : The following additional information is provided: 1. Cash includes
The bookkeeper for Odie Company has prepared the following balance sheet as of June 30,2025 : The following additional information is provided: 1. Cash includes $800 in a petty cash fund and $14,000 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances $96,000; (b) accounts receivable-credit balances $8,000; (c) allowance for doubtful accounts $7,000. 3. Inventory costing $11,200 was shipped out on consignment on June 30,2025 . The ending inventory balance does not include the consigned goods. Receivables in the amount of $11,200 were recognized on these consigned goods. 4. Equipment had a cost of $260,000 and an accumulated depreciation balance of $73,000. 5. Taxes payable of $21,500 were accrued on June 30 . Odie 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 taxes payable amount. Prepare a corrected classified balance sheet as of June 30,2025 , from the available information, adjusting the account balances using the additional information. (List Current Assets in order of liquidity.)
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