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Question 2 Cathleen's Custom Clothing (CCC sells branded clothing to resorts and corporations. The company's...

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Accounting

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Question 2 Cathleen's Custom Clothing (CCC sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. Current Assets 2017 2016 Cash Accounts receivable 156,250 76,750 30,000 25,000 70,000 45,000 3,000 266,250 149,750 Prepaid expenses Total current assets 10,000 Property and equipment Property and equipment Less: Accumulated deprediation Net property and equipment 100,000 140,000 55,000 75,000 45,000 65,000 311,250 $214,750 TOTAL ASSETS Current llabilitles Accounts payable salaries payahle Interest payable Total current liabilities Loan payable 25,000 32,000 ,0D0 8,000 45,000 20,000 90,000 159,000 135,000 5,000 39,000 Total liabilities

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