The bookkeeper for Odie Company has prepared the following balance sheet as of June 30, 2014.

The following additional information is provided.
1. Cash includes $800 in a petty cash fund and $14,000 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following three items:
(a) Accounts receivable€”debit balances $96,000;
(b) Accounts receivable€”credit balances $8,000;
(c) Allowance for doubtful accounts $7,000.
3. Merchandise inventory costing $11,200 was shipped out on consignment on June 30, 2014. The ending inventory balance does not include the consigned goods. Receivables in the amount of $11,200 were recognized on these consigned goods.
4. Equipment had a cost of $260,000 and an accumulated depreciation balance of $73,000.
5. Taxes payable of $21,500 were accrued on June 30. Odie 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 taxes payable amount.

Instructions
Prepare a corrected classified balance sheet as of June 30, 2014, from the available information, adjusting the account balances using the additionalinformation.

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ODIE COMPANY BALANCE SHEET AS OF JUNE 30, 2014 $ 26,500 81,000 Notes and accounts payable Long-term liabilities Cash Accounts receivable (net) Inventories Equipment (net) Goodwill $126,000 50,000 261,500 $437,500 93,000 Stockholders' equity 187,000 50,000 $437,500