P10.3 You have the following comparative balance sheets for a restaurant for the years ending December 31, 0007, and December 31, 0008. Calcu- late the change in working capital and prepare the restaurant's statement of sources and uses of working capital for the year ending December 31, 0008. Yr. 0007 Yr. 0008 ASSETS Current Assets Cash $14,800 $15,600 913 Credit card receivables 847 Accounts receivable 7,387 6,853 Food inventory Beverage inventory Total Current Assets 5,925 7,275 2,425 $33,000 1,975 $31,000 Property, Plant & Equipment Furnishings and equipment Accumulated depreciation Net Property, Plant & Equipment 15,500 19,500 (_ 3,500) $12,000 $43,000 (_ 4,500) $15,000 $48,000 Total Assets LIABILITIES & STOCKHOLDERS EQUITY Current Liabilities Accounts payable Accrued expenses payable Taxes payable $ 4,800 $ 7,100 800 700 1,400 200 $ 7,000 $ 8,000 Total Current Liabilities Long-term Liabilities Long-term note payable $25,800 $32,800 $27,800 $35,800 Total Liabilities Common stock 4,200 5,200 Retained earnings Total Stockholders Equity 6,000 $10,200 7,000 $12,200 Total Liabilities & Stockholders Equity $43,000 $48,000 a. Net income for Year 0008 $7,000. Annual depreciation of $1,000 was included as an expense to arrive at net income. b. New equipment costing $4,000 was purchased. c. Dividends of $6,000 were paid out. d. New shares (50 at $10 each) were issued. e. The long-term loan was increased by $2,500