Current Attempt in Progress

The bookkeeper for Culver Corp. has prepared the following statement of financial position as at July $31,2023$:

The following additional information is provided:

$1.$ Cash includes $\backslash (\backslash$$ $2,500\backslash )$ in a petty cash fund and $\backslash (\backslash$$ $22,000\backslash )$ in a bond sinking fund.

$2.$ The net accounts receivable balance is composed of the following three items: $($a$)$ accounts receivable debit balances $\backslash (\backslash$$ $60,000\backslash )$; $($b$)$ accounts receivable credit balances $\backslash (\backslash$$ $9,200\backslash )$; and $($c$)$ allowance for expected credit losses $\backslash (\backslash$$ $4,700\backslash ).$

$3.$ Inventory costing $\backslash (\backslash$$ $6,000\backslash )$ was shipped out on consignment on July $31,2023.$ The ending inventory balance does not include the consigned goods. Receivables of $\backslash (\backslash$$ $6,000\backslash )$ were recognized on these consigned goods.

$4.$ Equipment had a cost of $\backslash (\backslash$$ $183,000\backslash )$ and an accumulated depreciation balance of $\backslash (\backslash$$ $33,000\backslash ).$

$5.$ Income tax payable of $\backslash (\backslash$$ $9,300\backslash )$ was accrued on July $31.$ Culver, 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 tax payable account.

$6.$ Long$-$term liabilities are bonds payable issued at par, due in $2028.$

$7.$ Shareholders' equity is made up of two account balances: Common Shares of $\backslash (\backslash$$ $159,400\backslash )$ and Retained Earnings of $\backslash$$$79,700.$

$($a$)$

Use the information available to prepare a corrected classified statement of financial position as at July $31,2023.($Adjust the account balances based on the additional information.$)($List Current Assets in order of liquidity.$)$

CULVER CORR.

Statement of Financial Position

Assets