A re occurred in a friend's restaurant overnight on December 31, 0007, and the friend has asked for your help. Although many accounting records were lost, some were recovered. With the recovered records and informa- tion obtained from outside sources, you believe a balance sheet can be re- constructed for the period ending on till date of the re. Your friend pro vided the following information: I The forecasted current ratio as of December 31, 0007, was 1.25 to 1. I Balance sheets for the previous three years indicated that current assets on average represented 25% of total assets. l The bank reported tie year-end bank balance was $976. It was estimated that $1,590 in the restaurant's safe was destroyed during the re. I 'I'hebankalsoindicatedthatitisowed $23,00Donanng-termnote, andthe current amount due in Year\"? is $3,444. I The valm of ending inventories was $4,945. I Restaurant suppliers indicated that in total they were owed $3,420 at the close of business on December 31, 0017. I All employees were paid up to and including the night of the fire