Please answer fast I will rate for you sure.... Problem 4.5You have been hired by J. Smith, a successful entrepreneur, to assist in analyz-ing the balance sheet for his two-year-old hotel, the Chicago Inn. The follow-ing are the condensed balance sheets of the ChicagoInn.CashAccounts ReceivableInventoryProperty and Equipment (net)Other AssetsTotal AssetsChicago InnCondensed Balance SheetsDecember 31, 20X1 and 20X2Accounts PayableWages PayableCurrent Maturities-LTDLong-Term DebtTotal LiabilitiesOwner's Equity"Total Liabilities and Owner's Equity20X1$ 30,000190,00030,0001,400,000200,000$1,850,000$ 140,00010,00050,0001,000,0001,200,000650,000$1,850,00020X2$ 40,000225,00035,0001,500,000100,000$1,900,000$ 135,00015,00050,0001,000,0001,200,000700,000$1,900,000Required:1. What was the change in cash during 20X2?2. What were the total current assets at the beginning of 20X1?

Change in cash = Cash balance at the end - Cash balance at the beginning Current assets = Cash +…

You have been hired by J. Smith, a successful entrepreneur, to assist in analyz- ing the balance sheet for his two-year-old hotel, the Chicago Inn. The follow- ing are the condensed balance sheets of the Chicago Inn. Chicago Inn Condensed Balance Sheets December 31, 20X1 and 20X2 Cash Accounts Receivable Inventory Property and Equipment (net) Other Assets Total Assets Accounts Payable Wages Payable Current Maturities-LTD Long-Term Debt Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 20X1 $ 30,000 190,000 30,000 1,400,000 200,000 $1,850,000 $ 140,000 10,000 50,000 1,000,000 1,200,000 650,000 $1,850,000 20X2 $ 40,000 225,000 35,000 1,500,000 100,000 $1,900,000 19 $ 135,000 15,000 50,000 1,000,000 1,200,000 700,000 $1,900,000 Required: 1. What was the change in cash during 20X2? 2. What were the total current assets at the beginning of 20X1?

You have been hired by J. Smith, a successful entrepreneur, to assist in analyz- ing the balance sheet for his two-year-old hotel, the Chicago Inn. The follow- ing are the condensed balance sheets of the Chicago Inn. Chicago Inn Condensed Balance Sheets December 31, 20X1 and 20X2 Cash Accounts Receivable Inventory Property and Equipment (net) Other Assets Total Assets Accounts Payable Wages Payable Current Maturities-LTD Long-Term Debt Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 20X1 $ 30,000 190,000 30,000 1,400,000 200,000 $1,850,000 $ 140,000 10,000 50,000 1,000,000 1,200,000 650,000 $1,850,000 20X2 $ 40,000 225,000 35,000 1,500,000 100,000 $1,900,000 19 $ 135,000 15,000 50,000 1,000,000 1,200,000 700,000 $1,900,000 Required: 1. What was the change in cash during 20X2? 2. What were the total current assets at the beginning of 20X1?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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