ASSETS AS OF LIABILITIES AS OF DECEMBER 31, DECEMBER 31, Cash $4,000 Accounts payable (merchandise) $28,750 Accounts receivable 16,000 Dividends payable 1,000 Inventory* 31,250 Rent payable 6,000 Prepaid insurance 1,200 $35,750 Fixed assets, net 10.000 $62.450 *November 30 inventory balance = $12,500 Recent and forecasted sales: October $30,000 December $20,000 February $60,000 April $36,000 November $20,000 January $50,000 March $30,000