1. The University Club has food sales of $4,000,000 and a food cost of 40 percent. The University Clubs current ratio is 2, its food inventory turnover ratio is 16, and its average collection period is 45 days. Assume a year has 360 days. Complete the current section of the University Clubs balance sheet.

Cash $150,000

Accounts Receivable $________

Food Inventory $________

Total Current Assets $________

Accounts Payable $________

Accrued Expenses $100,000

Total Current Liabilities $________