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plus.com/courses/25934/assignments/24257/8?module_item_id=9652237 Cullumber Company was formed on January 1, 2022. At December 31, 2022, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Cullumber Company Balance Sheet December 31, 2022 Assets Liabilities and Stockholders' Equity Cash $20,500 Accounts payable $32,600 Accounts receivable 47,000 Notes payable 16,100 Inventory 36,000 Boat loan 17.300 61.000 Boat 23,500 Stockholders'equity Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information 1. The boat actually belongs to Miko, not to Cullumber Company. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $24500, but due to a su e in demand Miko now thinks she could sell it for $36,000. She thought it would be best to record it at $36.000 3. Included in the accounts receivable balance is $9400 that Mikoloaned to her brother 5 years ago Miko included this in the receivables of Columber Company so she wouldn't forget that her brother owes her money Provide a corrected balance sheet for Cullumber Company. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity

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