Fod Accounts Payable Accrued Expenses Total Current Liabilities Total Current 2$ Problem 9 The New K Inn has provided the following selected financial information. Balance Sheet $100,000 $2,000,000...

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Extracted text: Fod Accounts Payable Accrued Expenses Total Current Liabilities Total Current 2$ Problem 9 The New K Inn has provided the following selected financial information. Balance Sheet $100,000 $2,000,000 vilbag Cash Property and equipment Income Statement $1,500,000 500,000 150,000 200,000 Room sales Food sales Cost of food sold Net income Ratios Current ratio 1.4 Food inventory turnover Average collection period Solvency ratio 12 times bsnes laor 20 days 2.5 00 Assumptions: bori7 1. The balance sheet amounts are the same at the beginning and end of the vear 2. All sales are credit sales. 3. A year has 365 days. 4. Current assets consist of cash, food inventory, and accounts receivable. 5. Cash equals $100,000. 6. Total assets consist of current assets and property and equipment. vorravioe toh 8-7/05mol Required: 1. Calculate the amount of accounts receivable. 2. Calculate the amount of food inventory. 3. Calculate the amount of current liabilities. 4. Calculate the total amount of debt. Calculate the total amount of owners' equity. 5.