P4.4 A fire occurred in a friends 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 the date of the fire. Your friend pro- vided the following information: The forecasted current ratio as of December 31, 0007, was 1.25 to 1. Balance sheets for the previous three years indicated that current assets on average represented 25% of total assets. The bank reported the year-end bank balance was $976. It was estimated that $1,500 in the restaurants safe was destroyed during the fire. The bank also indicated that it is owed $23,000 on a long-term note, and the current amount due in Year 0007 is $3,444. The value of ending inventories was $4,945. Restaurant suppliers indicated that in total they were owed $3,420 at the close of business on December 31, 0007. All employees were paid up to and including the night of the fire. Calculate the following: a. Total current assets b. Credit card receivables, assuming current assets consisted only of cash, credit card receivables, and inventories c. Total assets d. Prepare a balance sheet as of December 31, 0007, to give to your friend.