The following errors in the corporation's accounting have been discovered:

January $2026$ cash disbursements entered as of December $2025$ included payments of accounts payable in the amount of

$$43,500,$ on which a cash discount of $2\%$ was taken.

The inventory included $$29,640$ of merchandise that had been received at December $31$ but for which no purchase invoices

had been received or entered. Of this amount, $$12,950$ had been received on consignment; the remainder was purchased

f$.$o$.$b$.$ destination, terms $\frac{2}{10},\frac{n}{30}.$

Sales for the first four days in January $2026$ in the amount of $$30,890$ were entered in the sales journal as of December $31,$

Of these, $$21,670$ were sales on account and the remainder were cash sales.

Cash, not including cash sales, collected in January $2026$ and entered as of December $31,2025,$ totaled $$36,794.$ Of this

amount, $$24,794$ was received on account after cash discounts of $2\%$ had been deducted; the remainder represented the

proceeds of a bank loan.

Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice.

$($Assume that both accounts receivable and accounts payable are recorded gross.$)($List Current Assets in order of liquidity.$)$

Liabilities and Stockholders' Equity

Current Liabilities

Accounts Payable

Notes Payable

Total Current Liabilities

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List of Accounts