you are the new manager of the duke snider

Problem 15 You are the new manager of the Duke Snider Motel. In order to better understand the motel's financial situation, you decide to examine the financial statements for the year just ended (20x4). The motel's balance sheet and condensed income statement are as follows: Duke Snider Motel Balance Sheet December 31, 20X4 Assets Current Assets: Cash Accounts Receivable Inventories 95,000 100,000 5,000 200,000 Total Current Assets Property and Equipment: Land Building (net) Furniture & Equipment (net) 60,000 300,000 80,000 440,000 $640,000 Total Property and Equipment Total Assets Liabilities and Owners Equity Current Liabilities $210,000 Long-Term Liabilities: Note from Owner Mortgage Payable Total Liabilities 40,000 80,000 330,000 Owners' Equity Common Stock 100,000 210,000 310,000 Retained Earnings Total Owners' Equity Total Liabilities and Owners Equity