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The Nuevo Inn has provided the following selected financial information: Cash Property and equipment $ 150,000 $ 2,250,000 Income Statement Room sales Food sales Cost
The Nuevo Inn has provided the following selected financial information: Cash Property and equipment $ 150,000 $ 2,250,000 Income Statement Room sales Food sales Cost of food sold Net income $ 1,750,000 $ 650,000 $ 225,000 $ 350,000 Ratios Current ratio Food inventory turnover Average collection period Solvency ratio 1.5 15 times 15 days 3.5 Required: 1. Calculate the amount of accounts receivable. Enter your response in this area, Show your work. 2. Calculate the amount of food inventory. Enter your response in this area, Show your work. 3. Calculate the amount of current liabilities. Enter your response in this area, Show your work. 4. Calculate the total amount of debt. Enter your response in this area, Show your work. 5. Calculate the total amount of owners' equity. Enter your response in this area, Show your work
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