You have the following information from a restaurant operation: Balance Sheets, December 31 Year 0007 Year 2008 Assets Cash Credit card receivables Accounts receivable Food inventory Prepaid expenses Land Building Equipment Furnishing Accumulated depreciation Total Assets 9.100 4,920 5.280 14,600 3.800 32,000 315,800 66,640 16,660 -113,700 S335,100 14.200 6.240 6.160 13.900 4.800 32,000 315800 73.200 18.300 -124.500 5367.200 Liabilities & Stockholders' Equity Accounts payable $16.700 $12.500 Bank note payable 4.900 3.600 Income tax payable 12,500 12.600 Accrued expenses payable 7.100 7.500 Mortgage payable (current) 10.400 12.100 Long-term mortgage payable 192.000 180.900 Common stock 10,000 10.000 Retained earnings 101.500 128.000 Liabilities & Stockholders Equity S335.100 5367.200 Income Statement (Condensed) For the Year Ending December 31, 0008 Sales revenue $742.600 Cost of sales S301,900 Operating expenses 381.200 Total Operating Costs 683.100 Operating income, before interest $59.500 and tax Interest expense 19.400 Income before tax $40.100 Income tax 12,600 Net Income $27.500 Sales revenue consisted of 26% cash 63% credit cards and 12% chle a. b. c. d. e. From the information given, calculate the following: Working capital for Years 0007 and 2008 Current ratio for Years 0007 and 2008 Quick ratio (Acid test ratio) for Years 0007 and 0008 Credit card receivables as a percentage of credit card sales revenue for Year 0008 Credit card receivables turnover ratio based on credit card sales revenue for Year 0008 Credit card receivables average collection period ratio, based on credit card sales revenue for Year 0008 Accounts receivable as a percentage of accounts receivable credit sales revenue for Year 0008 Accounts receivable turnover ratio based on accounts receivable credit sales revenue for Year 2008 h