Accounting, Analysis, and Principles The Wildhorse Pub provides catering services to local businesses. The following information was available for The Wildhorse Pub for the years ended December 31, 2019 and 2020. Decembe Decembe 31, 2019 31, 2020 $ 2,030 $ 1.750 Accounts receivable 45,500 Allowance for doubtful accounts 540 Other current assets 8.890 8,120 Current liabilities 36,800 44,000 Total credit sales 200,000 257.000 Collections on accounts receivable 192.000 229,000 Wildhorse management is preparing for a meeting with its bank concerning renewal of a loan and has collected the following information related to the above balances 1. The cash reported at December 31, 2020, reflects the following items: petty cash $1,600 and postage stamps $150. The other current assets balance at December 31, 2020, includes the checking account balance of $4,270. 2. On November 30, 2020, Wildhorse agreed to accept a 6-month, $4,980 note bearing 12% interest, payable at maturity, from a major client in settlement of a $4,980 bill. The above balances do not reflect this transaction. 3. Wildhorse factored some accounts receivable at the end of 2020. It transferred accounts totaling $10,000 to Final Factor, Inc. with recourse. Final Factor will receive the collections from Wildhorse's customers and will retain 2% of the balances. Final Factor assesses Wildhorse a finance charge of 3% on this transfer. The fair value of the recourse liability is $360. However, management has determined that the amount due from the factor and the fair value of the resource obligation have not been recorded, and neither are included in the balances above. 4. Wildhorse charged off uncollectible accounts with balances of $1,730. On the basis of the latest available information, the 2020 provision for bad debts is estimated to be 2.5% of accounts receivable. Based on the above transactions, determine the balance for (1) Accounts Receivable and (2) Allowance for Doubtful Accounts at December 31, 2020. (Round answers to O decimal places, e.g. 125.) Accounts receivable ending balance 61,770 Allowance for doubtful ending balance 1544 Prepare the current assets section of The Wildhorse Pub's balance sheet at December 31, 2020. (Round answers to O decimal places, e.g. 125.) THE WILDHORSE PUB Balance Sheet For the Year Ended December 31, 2020 Paparan Compute Wildhorse's current ratio and accounts receivable turnover for December 31, 2020. The accounts receivable turnover in 2019 was 4.37. (Round answers to 2 decimal places, e.g. 52.75.) Current ratio times Accounts receivable turnover Click if you would like to Show Work for this question:Open Show Work Question Attempts: 0 of 3 used SAVE FOR LATER