Activity 2 - Balance Sheet Purpose: 1. Understand the information provided by the balance sheet. 2. Identify asset, liability, and stockholders' equity accounts reported on the balance sheet. 3. Understand the accounting equation. Cool Lope - Tropical Smoothies and Shaved Ice Cool Lope, Inc. Balance Sheet December 31, 20X3 and 20X2 20X3 20X2 20X3 20X2 Assets Liabilities and stockholders' equi Current assets Current liabilities $3,179 Cash and cash equivalents $1,038 Accounts payable $2,752 $1.828 $296 $3.000 Accounts receivable $235 Short-term debt $3.000 Inventories $7,041 $4.638 Total current liabilities $5,752 $4,828 Prepaid expenses and other assets $212 $159 Long-term debt $8.976 $5.531 Total current assets $10,728 $6,070 Total liabilities $14,728 $10,359 Property, Plant, and Equipment Stockholders' equity Equipment $14,561 $12.769 $6.000 $6,000 Common stock, par value $1, authorized, 1,000,000 shares: issued, 5.000 shares in 2016 Retained earnings $3.911 $2.080 $750 $500 Total stockholders' equity Less accumulated depreciation and amortization $9.911 $8.080 Net property, plant, and equipment $13,811 $12,269 Total liabilities and stockholders' equity $24.639 $18.439 Trademarks $100 $100 Total Assets S24.632 $18.439 Not: Examine the annual report for the company you have selected for your "Finan Statement Analysis Report," and respond to the following questions using the most rec balance sheet provided. 1. What is the total for assets? Liabilities? Owners' equity? $ 24, 639 2. What is the amount of accounts receivables? 296 3. What is the amount of inventory? What inventory valuation method (LIFO/FIFO Average cost) do they use? 4. What is the total for current assets? Long-term assets? 5. What current asset has the largest balance? What Long-term asset has the largest balance? 6. What is the total for current liability? Long-term liability? 7. What is total stockholders' equity? What is the amount of retained earnings? 8. Assets are financed by either liabilities (debt) or stockholders' equity. Which is larger debt of stockholders or equity for your company? 3