HORT PROBLEM Zippy Incorporated December 31, 2007 and 2008 Balance Sheet and financial data are as follows: 2015 31,000 54,400 (11, 000) 17,600 2016 10,000 102,000 (22,000) 49,000 4,000 Cash Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Insurance Other current assets TOTAL CURRENT ASSETS $ 110,000 160,000 Land Property, Plant and Equipment Accumulated Depreciation TOTAL ASSETS 80,000 154,000 74,000 320,000 260,000 19,000 6,000 2,000 2,000 Accounts Payable Salaries Payable Advance from Customer Other current liabilities 7,000 TOTAL CURRENT LIABILITIES 30,000 35, 000 Loan Payable 78,000