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Comparative Financial Statements: Heritage Antiquing Services Comparative Balance Sheet (Dollars in Thousands)

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Rose Bayna

The document provides comparative balance sheets and income statements for Heritage Antiquing Services for 2020 and 2019. The balance sheet shows total assets increased from $69.95 million in 2019 to $78.64 million in 2020, with increases in current assets such as accounts receivable and inventory, as well as property and equipment. Total liabilities increased from $28.79 million to $29.96 million. The income statement shows that while sales increased from $65 million in 2019 to $73 million in 2020, net income also increased from $5.16 million to $7.86 million for the same period.

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Comparative Financial Statements: Heritage Antiquing Services Comparative Balance Sheet (Dollars in Thousands)

Uploaded by

Rose Bayna
88 views2 pages
The document provides comparative balance sheets and income statements for Heritage Antiquing Services for 2020 and 2019. The balance sheet shows total assets increased from $69.95 million in 2019 to $78.64 million in 2020, with increases in current assets such as accounts receivable and inventory, as well as property and equipment. Total liabilities increased from $28.79 million to $29.96 million. The income statement shows that while sales increased from $65 million in 2019 to $73 million in 2020, net income also increased from $5.16 million to $7.86 million for the same period.

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The document provides comparative balance sheets and income statements for Heritage Antiquing Services for 2020 and 2019. The balance sheet shows total assets increased from $69.95 million in 2019 to $78.64 million in 2020, with increases in current assets such as accounts receivable and inventory, as well as property and equipment. Total liabilities increased from $28.79 million to $29.96 million. The income statement shows that while sales increased from $65 million in 2019 to $73 million in 2020, net income also increased from $5.16 million to $7.86 million for the same period.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
88 views2 pages

Comparative Financial Statements: Heritage Antiquing Services Comparative Balance Sheet (Dollars in Thousands)

Uploaded by

Rose Bayna
The document provides comparative balance sheets and income statements for Heritage Antiquing Services for 2020 and 2019. The balance sheet shows total assets increased from $69.95 million in 2019 to $78.64 million in 2020, with increases in current assets such as accounts receivable and inventory, as well as property and equipment. Total liabilities increased from $28.79 million to $29.96 million. The income statement shows that while sales increased from $65 million in 2019 to $73 million in 2020, net income also increased from $5.16 million to $7.86 million for the same period.

Copyright:

© All Rights Reserved
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Heritage Antiquing Services

Comparative Balance Sheet


(dollars in thousands)
2020 2019
Assets
Current assets:
Cash $ 1,240 $ 1,250
Accounts receivable, net 10,400 6,800
Inventory 13,400 12,100
Prepaid expenses 620 580
Total current assets 25,660 20,730

Property and equipment:


Land 9,300 9,300
Buildings and equipment, net 43,680 39,920
Total property and equipment 52,980 49,220

Total assets $78,640 $69,950

Liabilities and Stockholders' Equity


Current liabilities:
Accounts payable $19,900 $18,800
Accrued payables 910 840
Notes payable, short term 150 150
Total current liabilities 20,960 19,790
Long-term liabilities:
Bonds payable 9,000 9,000

Total liabilities 29,960 28,790

Stockholders' equity:
Preferred stock 1,000 1,000
Common stock 600 600
Additional paid-in capital 4,000 4,000

Total paid-in capital 5,600 5,600


Retained earnings 43,080 35,560
Total stockholders' equity 48,680 41,160

Total liabilities and stockholders' equity $ 78,640 $ 69,950

Comparative Financial Statements


Heritage Antiquing Services
Comparative Income Statement and Reconciliation
(dollars in thousands)
2020 2019
Sales $ 73,000 $ 65,000
Cost of goods 41,000 38,000
sold

Gross margin 32,000 27,000

Selling and administrative expenses:


Selling expenses 11,300 10,800
Administrative expenses 6,700 6,700

Total selling and administrative expenses 18,000 17,500

Net operating income 14,000 9,500


Interest expense 900 900

Net income before taxes 13,100 8,600


Income taxes 5,240 3,440

Net income 7,860 5,160


Dividends to preferred stockholders 40 340

Net income remaining for common stockholders 7,820 4,820


Dividends to common stockholders 300 300

Net income added to retained earnings 7,520 4,520


Retained earnings, beginning of year 35,560 31,040
Retained earnings, end of year $ 43,080 $ 35,560

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