10. Continuing Venture, Inc. has the following balance sheet, with negative owner's equity. Are they solvent? Why or why not? [Hint: identify elements of the balance sheet that indicate they are solvent, and ones which indicate trouble] $5,000 $60,000 $70,000 $135,000 $ 205,000 $28,000 $177,000 $312,000 ASSETS Cash Receivables Inventories Total Current Assets Gross Property, Plant & Equipment Less Accum Deprec Net Plant & Equip Total Assets LIABILITIES & EQUITY Accts Payable S/T bank loan Accrued liabilities Total Current Liabilities Long-term debt Paid-In Capital Retained Earnings Total Owners' equity Total Liab & O.E. $47,000 $40,000 $8,000 $95,000 $267,000 $100,000 $(150,000) $(50,000) $312,000