LIBERTY CORPORATION Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents $ 2,450 $ 2,094 Accounts Receivable 1,813 1,611 Merchandise Inventory 1,324 1,060 1,709 2,120 Prepaid Expenses 7,296 6,885 Total Current Assets 18,500 15,737 Other Assets $ 25,796 $ 22,622 Total Assets Liabilities $ 7,230 $ 8,467 Current Liabilities 4,798 3,792 Long-term Liabilities Total Liabilities 12,028 12,259 Stockholders' Equity Common Stock, no par 6,568 4,363 Retained Earnings 7,200 6,000 Total Stockholders' Equity 13,768 10,363 Total Liabilities and Stockholders' Equity $ 25,796 $ 22,622 LIBERTY CORPORATION Income Statement Year Ended December 31, 2019 $ 20,941 Net Sales Revenue Cost of Goods Sold 7,055 13,886 Gross Profit 7,065 Operating Expenses 6,821 Operating Income 210 Interest Expense Income Before Income Taxes 6,611 2,563 Income Tax Expense $ 4,048 Net Income

LIBERTY CORPORATION Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents $ 2,450 $ 2,094 Accounts Receivable 1,813 1,611 Merchandise Inventory 1,324 1,060 1,709 2,120 Prepaid Expenses 7,296 6,885 Total Current Assets 18,500 15,737 Other Assets $ 25,796 $ 22,622 Total Assets Liabilities $ 7,230 $ 8,467 Current Liabilities 4,798 3,792 Long-term Liabilities Total Liabilities 12,028 12,259 Stockholders' Equity Common Stock, no par 6,568 4,363 Retained Earnings 7,200 6,000 Total Stockholders' Equity 13,768 10,363 Total Liabilities and Stockholders' Equity $ 25,796 $ 22,622 LIBERTY CORPORATION Income Statement Year Ended December 31, 2019 $ 20,941 Net Sales Revenue Cost of Goods Sold 7,055 13,886 Gross Profit 7,065 Operating Expenses 6,821 Operating Income 210 Interest Expense Income Before Income Taxes 6,611 2,563 Income Tax Expense $ 4,048 Net Income

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

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