Problem 14 Mrs. Wolf, the owner of The Foxtail, a small lodging operation, has asked for your help in condensed balance sheets as follows: The Foxtail Condensed Balance Sheets December 31, 20X1 and 20X2 20X1 $ 10,000 20X2 $ 12,000 Cash 26,500 18,500 Accounts receivable 10,000 Investments 200,000 20,000 325,000 Equipment (20,000) (64,000) Accumulated depreciation 226,500 $ 311,500 Total Assets Current liabilities: Accounts payable $ 18,000 $ 21,000 Mortgage payable (current) 5,000 22,000 Dividends payable 5,000 8,000 Noncurrent liabilities: Mortgage payable Notes payable Common stock 75,000 110,000 20,000 -0- 70,000 100,000 Treasury stock Retained earnings Required: (20,000) (30,000) 53,500 80,500 $ 226,500 $ 311,500 Total Liabilities and Owners' Equity Answer the following questions. 1. What amount of existing debt must be paid during 20X3? 2. What is the total of current assets at the end of 20X2? 3. What is the amount of net working capital at the end of 20X2? 4. How has the change in accounts receivable during 20X2 affected cash at the end of 20X2? 5. How much does The Foxtail owe its stockholders at the end of 20X2? 6. What is the net book value of The Foxtail's fixed assets at the end of 20X2?