Chapter 2 Discussion Question 2 Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and Stockholders' Assets 2006 2005 Equity 2006 2005 Current Assets Current Liabilities Cash 53.6 58.5 Accounts payable 89.2 73.5 Notes payable / short-term Accounts receivable 55.8 39.6 debt 10.3 9.6 Current maturities of long- Inventories 45.5 42.9 term debt 38.6 36.9 Other current assets 5.4 3.0 Other current liabilities 6.0 12.0 Total current assets 160.3 144.0 Total current liabilities 144.1 132.0 Long-Term Assets Long-Term Liabilities Land 66.2 62.1 Long-term debt 228.7 168.9 Buildings 107.7 91.5 Capital lease obligations Equipment 120.6 99.6 Less accumulated depreciation (57.1) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 237.4 200.7 Other long-term liabilities Goodwill 60.0 Total long-term liabilities 251.5 191.1 Other long-term assets 63.0 42.0 Total liabilities 395.6 323.1 Total long-term assets 360.4 242.7 Stockholders' Equity 125.1 63.6 Total liabilities and Total Assets 520.7 386.7 Stockholders' Equity 520.7 386.7