The bookkeeper for Whispering Winds Corp. has prepared the following statement of financial position as at July 31, 2020: $ 61,000 WHISPERING WINDS CORP. Statement of Financial Position As at July 31, 2020 $77,000 Notes and accounts payable 50,800 Long-term liabilities 68,000 Shareholders' equity 131.000 Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) 94.000 212.800 41,000 $367,800 $367,800 The following additional information is provided: 1. 2. 3. Cash includes $ 1,700 in a petty cash fund and $ 18,000 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 $9.400; and (c) allowance for doubtful accounts $4,800. Inventory costing $7,100 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables of $ 7,100 were recognized on these consigned goods. Equipment had a cost of $ 173,000 and an accumulated depreciation balance of $ 42,000. Income Tax Payable of $ 9,400 was accrued on July 31. Whispering Winds 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 liabilities are bonds payable issued at par, due in 2025. Shareholders' equity is made up of two account balances: Common Shares of $ 141,900 and Retained Earnings of $ 70,900. 4. 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.) WHISPERING WINDS Corp. Statement of Financial Position Assets $ $ v: 1 $ Liabilities and Shareholders' Equity $ $ $