Identification and Evaluation of Current Labilities P$4.$ Stan Styla opened a small dryer repair shop, Styka Repair Shop, on January $2,2014.$ The shop also sells a linited number of dryer parts. In January $2015,$ Sryka realized he had never filed any tax reports for his business and therefore probably owes a considcrable amount of raxes. Since he has linited experience in running a business, he has brought you all his busines record, including a checkbook, canceled check, deposit slips, supplies' invoices, a notice of annual property taxes of $\backslash (\backslash$$ $2,310\backslash )$ due to the city, and $\backslash (\{\}^\{$a$\}\backslash )$ promissory note to his father in law for $\backslash (\backslash$$ $2,500\backslash ).$ He wants you to determine what his busines oves the government and other partic $($but not employees$).$ You analyze all his records and determine the following as of Decenber $31,2014.$ You learn that the company has detieted $\backslash (\backslash$$ $476\backslash )$ from the wa comployee's alaries for Federal neome rase owed to the government. The eurrent Sodal Sceurity tai is $6\mathrm{.}2$ percent on maximum canings of $\backslash (\backslash$$ $110,100\backslash )$ for each cmployec and the current Medicare tax is $1\mathrm{.}45$ percent the manimum earing y$.$ The FUTA tax is $54$ percent to the sate and $8$ percent to the tederal government on the first $\backslash (\backslash$$ $7,000\backslash )$ carned by cach employee, and each employee cannod more than $\backslash (\backslash$$ $7,000\backslash ).$ Syla has nus filed a alcs tax report to the state $(5$ percent of alles$)($Govitived$)$ REQUIRED $1.$ Determine Styla Repair Shop's current libilities as of Decenber $31,2014.2.$ ACCOUNTING CONNECTION py What additional information would you want from Styla to satisfy yourself that all current habilites have been identified? $3.$ BUSINESS APPLICATION I. Evaluare Sryka's liquidity by calculating working capital, payables turnover, and day' payable $($Round to one decimal place$)$ Comment on the results. $($Assume average accounts payable were the same as year end accounts payable.$)$