Nash's Custom Clothing (NCC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below NASH'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2017 160,000 30,000 2016 Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets 76,200 25,000 72,000 45,300 3,000 271,500 149,500 9,5003 Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment 104,000 145,000 74,000 71,000 $321,100 $220,500 54,400 49,600 TOTAL ASSETS Current liabilities Accounts payable Salaries payable Interest payable Total current liabilities Loan payable 26,200 9,500 5,100 40,800 122,000 31,400 4,700 8,400 44,500 92,000