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The bookkeeper for Sheridan Ltd$.$ has prepared the following statement of financial position as of July $31,2022($amounts in

thousands$).$

The following additional information is provided.

Cash includes $1,416$ in a petty cash fund and $14,160$ in a bond sinking fund.

The net accounts receivable balance is comprised of the following three items: $($a$)$ accounts receivable$-$debit balances

$61,360,($b$)$ accounts receivable$-$credit balances $9,440,$ and $($c$)$ allowance for doubtful accounts $4,130.$

Inventory costing $6,254$ was shipped out on consignment on July $31,2022.$ The ending inventory balance does not include

the consigned goods. Receivables in the amount of $6,254$ were recognized on these consigned goods.

Equipment had a cost of $132,160$ and an accumulated depreciation balance of $33,040.$

Income taxes payable of $10,620$ were accrued on July $31.$ Sheridan Ltd$.,$ 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 statement of financial position as of July $31,2022,$ from the available information, adjusting the account

balances using the additional information. $($List Current Assets in reverse order of liquidity$)$

SHERIDANLTD

Non$-$current Assets

Long$-$term Investments

Bond Sinking Fund

$$

$4160$

Property, Plant and Equipment

Equipment

$$

Less

:

Accumulated Depreciation$-$Equipment

Intangible Assets

Patents

Total Non$-$current Assets

Current Assets

Inventory

Accounts Receivable

:

Allowance for Doubtful Accounts

Cash

Total Current Assets

Total Assets

Equity and Liabilities

The following additional information is provided.

Cash includes $1,416$ in a petty cash fund and $14,160$ in a bond sinking fund.

The net accounts receivable balance is comprised of the following three items: $($a$)$ accounts receivable$-$debit balances

$$61,360,($b$)$ accounts receivable$-$credit balances $9,440,$ and $($c$)$ allowance for doubtful accounts $4,130$

Inventory costing $6,254$ was shipped out on consignment on July $31,2022.$ The ending inventory balance does not include

the consigned goods. Receivables in the amount of $6,254$ were recognized on these consigned goods.

Equipment had a cost of $132,160$ and an accumulated depreciation balance of $33,040.$

Income taxes payable of $10,620$ were accrued on July $31.$ Sheridan Ltd$.,$ 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 statement of financial position as of July $31,2022,$ from the available information, adjusting the account

balances using the additional information. $($List Current Assets in reverse order of liquidity$)$

Non$-$currentAssets

Long term Investments $$

Bond Sinking Fund

Property. Plant and Equipment

Equipment $$

Less

Accumulated Depreciation$-$Equipment