Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2019, balance sheet and notes

Question:

Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2019, and notes to the financial statements.

Instructions
Prepare the liabilities section of Sanchez's balance sheet as at December 31, 2019.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...