Question 29 Sheridan's Custom Clothing (SCC) sells branded clothing to resorts and corporations. The company's financial statements are presented below SHERIDAN'S CUSTOM CLOTHING STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2017 2016 Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets 162,000 74,900 24,100 46,100 2,800 276,100 147,900 31,000 73,000 10,100 Property and equipment Property and equipment Less: Accumulated depreciation Net property and equipment 92,000 137,000 76,700 37,500 6300 $313,600 $208,200 54,500 TOTAL ASSETS Current liabilities Accounts payable Salaries payable Interest payable Total current liabilities Loan payable 24,500 8,900 5,300 30,400 5,200 8,100 38,700 437 122,000 93,000