The bookkeeper for Pina Company has prepared the following balance sheet as of July 31, 2020. PINA COMPANY BALANCE SHEET AS OF JULY 31, 2020 Cash $73,120 Notes and accounts payable $48.120 Accounts receivable (net) 44,620 Long-term liabilities 79,120 Inventory 64,120 Stockholders' equity 159,620 Equipment (net) 84,000 $286,860 Patents 21,000 $286,860 The following additional information is provided. 12 3. 4. 5. Cash includes $1,200 in a petty cash fund and $13,110 in a bond sinking fund. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $48,120 and (b) allowance for doubtful accounts $3,500. Inventory costing $5,248 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5.248 were recognized on these consigned goods. Equipment had a cost of $116,120 and an accumulated depreciation balance of $32,120. Income taxes payable of $6,000 were accrued on July 31. Pina 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) PINA COMPANY