Comparative Financial Statements
Heritage Antiquing Services
Comparative Balance Sheet
(dollars in thousands)
2020
2019
Assets
Current assets:
Cash
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
$ 1,240
10,400
13,400
620
25,660
$ 1,250
6,800
12,100
580
20,730
Property and equipment:
Land
Buildings and equipment, net
Total property and equipment
9,300
43,680
52,980
9,300
39,920
49,220
Total assets
$78,640
$69,950
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Accrued payables
Notes payable, short term
Total current liabilities
Long-term liabilities:
Bonds payable
$19,900
910
150
20,960
$18,800
840
150
19,790
9,000
9,000
29,960
28,790
1,000
600
4,000
1,000
600
4,000
5,600
43,080
48,680
5,600
35,560
41,160
$ 78,640
$ 69,950
Total liabilities
Stockholders' equity:
Preferred stock
Common stock
Additional paid-in capital
Total paid-in capital
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Heritage Antiquing Services
Comparative Income Statement and Reconciliation
(dollars in thousands)
2020
$ 73,000
41,000
2019
$ 65,000
38,000
Gross margin
32,000
27,000
Selling and administrative expenses:
Selling expenses
Administrative expenses
11,300
6,700
10,800
6,700
Total selling and administrative expenses
18,000
17,500
Net operating income
Interest expense
14,000
900
9,500
900
Net income before taxes
Income taxes
13,100
5,240
8,600
3,440
Net income
Dividends to preferred stockholders
7,860
40
5,160
340
Net income remaining for common stockholders
Dividends to common stockholders
7,820
300
4,820
300
7,520
35,560
$ 43,080
4,520
31,040
$ 35,560
Sales
Cost of goods
sold
Net income added to retained earnings
Retained earnings, beginning of year
Retained earnings, end of year