The current assets and current liabilities sections of the statement of financial position of Sarasota Corp. are as follows: SARASOTA CORP. Statement of Financial Position (partial) December 31, 2017 Cash $43,000 Accounts payable $62,000 Accounts receivable $96,000 Notes payable 74,000 Allowance for doubtful accounts 8,000 88,000 Inventory 201,000 Prepaid expenses 9,300 $341,300 $136,000 The following errors have been discovered in the corporations accounting: 1. January 2018 cash disbursements that were entered as at December 2017 included payments of accounts payable in the amount of $40,000, on which a cash discount of 2% was taken. 2. The inventory balance is based on an inventory count that included $36,000 of merchandise that was received at December 31 but with no purchase invoices received or entered. Of this amount, $18,000 was received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first four days in January 2018 in the amount of $33,000 were entered in the sales book as at December 31, 2017. Of these, $23,500 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2018 and entered as at December 31, 2017, totalled $35,324. Of this amount, $28,324 was received on account after cash discounts of 2% had been deducted; the remainder was proceeds on a bank loan (the amount owed to the bank for January 2018 was included as part of Notes Payable account). Partially correct answer. Your answer is partially correct. Try again. Restate the statement of financial positions current assets and current liabilities sections.