Question 29 Indigo's Custom Clothing (ICC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below INDIGO'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2017 159,000 28,000 2016 Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets 75,600 25,700 74,000 45,900 2,900 270,900 150,100 9,900 Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment 110,000 146,000 72,800 73,200 $326,300 $223,300 54,600 55,400 72 TOTAL ASSETS Current liabilities Accounts payable Salaries payable Interest payable Total current liabilities Loan payable 25,300 8,600 5,300 39,200 119,000 33,300 5,300 8,000 46,600 91,000