The College Shop Comparative Income Statement Years Ended December 31, 207 and 206 The College Shop Comparative Balance Sheet As of December 31, 207 and 206 12/31/20712/31/206 Assets Current assets Cash Accounts recelvable Inventory Total Current assets $76,00092,000278,000110,000$70,00090,000240,00080,000 Long-term assets Furniture, equipment, net of depreciation Total Assets \begin{tabular}{rr} 90,000 & 120,000 \\ 368,000 & $360,000 \\ \hline \end{tabular} Liabilities and Owner's equity Current liabilities Accounts payable Long-term liabilities Loan Total Liabilities Owner's equity \begin{tabular}{lr} $70,000 & 80,000 \\ 170,000100,000 & 180,000100,000 \\ 198,000 & 180,000 \\ \hline \end{tabular} Total Liabilities and Owner's equity $3.68.000 $360000 The College Shop Comparative Income Statement Years Ended December 31, 207 and 206 The College Shop Comparative Balance Sheet As of December 31, 207 and 206 12/31/20712/31/206 Assets Current assets Cash Accounts recelvable Inventory Total Current assets $76,00092,000278,000110,000$70,00090,000240,00080,000 Long-term assets Furniture, equipment, net of depreciation Total Assets \begin{tabular}{rr} 90,000 & 120,000 \\ 368,000 & $360,000 \\ \hline \end{tabular} Liabilities and Owner's equity Current liabilities Accounts payable Long-term liabilities Loan Total Liabilities Owner's equity \begin{tabular}{lr} $70,000 & 80,000 \\ 170,000100,000 & 180,000100,000 \\ 198,000 & 180,000 \\ \hline \end{tabular} Total Liabilities and Owner's equity $3.68.000 $360000