The bookkeeper for Garfield Company has prepared the following statement of financial position as of July 31, 2015 (amounts in thousands).

The following additional information is provided.
1. Cash includes ¥1,200 in a petty cash fund and ¥12,000 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following three items:

(a) accounts receivable—debit balances ¥52,000,

(b) accounts receivable—credit balances ¥8,000, and

(c) allowance for doubtful accounts ¥3,500.
3. Inventory costing ¥5,300 was shipped out on consignment on July 31, 2015. The ending inventory balance does not include the consigned goods. Receivables in the amount of ¥5,300 were recognized on these consigned goods.
4. Equipment had a cost of ¥112,000 and an accumulated depreciation balance of ¥28,000.
5. Income taxes payable of ¥9,000 were accrued on July 31. Liba 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.

Instructions Prepare a corrected classified statement of financial position as of July 31, 2015, from the available information, adjusting the account balances using the additional information.

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LIBA COMPANY STATEMENT OF FINANCIAL POSITION AS OF JULY 31, 2015 Equipment (net) 84,000 Equity 155,500 Patents 21,000 Non-current liabilities 75,000 Inventory 60,000 Notes and accounts payable 44,000 Accounts receivable (net) 40,500 274,500 Cash 69,000 274,500