Blossom's Custom Clothing Ltd. (BCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. Current Assets Cash BLOSSOM'S CUSTOM CLOTHING LTD. STATEMENT OF FINANCIAL POSITION December 31 Accounts receivable Inventory Prepaid expenses Total current assets Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment TOTAL ASSETS Current liabilities 2023 2022 $159,000 $75,600 28,000 25,700 74,000 45,900 9,900 2,900 270,900 150,100 110,000 146,000 (54,600) (72,800) 55,400 73,200 $326,300 $223,300 Accounts payable $25,300 $33,300 Salaries payable 8,600 5,300 Interest payable 5,300 8,000 Total current liabilities 39,200 46,600 Loan payable 119,000 91,000 Total liabilities 158,200 137,600 Shareholders' equity Common shares 20,700 1,600 Retained earnings 147,400 84,100 Total shareholders' equity 168,100 85,700 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $326,300 $223,300