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questions. As Noreen Bayley, the owner/imanager of Winkie's Motel, has come to you with some accounting a result of a fire at the mote, many
questions. As Noreen Bayley, the owner/imanager of Winkie's Motel, has come to you with some accounting a result of a fire at the mote, many of the records as of December 31,20X2, were either burned or so the sprinkler system. Required: You are to help Ms, Bayley determine the following balances: soaked by In one report, the curren current liabilities (including $14,736 of current p term debt to be $60,000. What is the amount of current asset for Winkie's Motel? t ratio for the motel is 1.2 to 1. In addition, you have determined the amount of ortion of long-term debt) to be S105, 380 and long- 1. Ms. Barley has her December 31, 20X2, b account and $36,072 in her checking account. She has a copy of the inventory sheet, which states total inventory on December 31,20X2, of $15,491.Assuming that the only current assets are cash, inventory, and accounts receivable, what is the total accounts receivable owed to Ms. Bayley? Ms. Bayley has a copy of the balance sheet from November, 20X2, which states that Current Assets was 30% of Total Assets. Assuming this relationship is the same at December 31, 20X2, what is the amount of total assets as of December 31, 20X2? Based on the information in parts I through 3, what is the Owners' Equity as of December 31, 20x2? ank statement, which says she has $49, 765 in her savings 2. 3. 4
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