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' equity Current assets Current liabilities Cash and cash equivalents $3,179 $1,038 Accounts payable $2,752 $1,828 Accounts receivable $296 $235 Short-term debt $3,000 $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 Common stock, par value $1, authorized, 1,000,000 shares; issued, 5,000 shares in 2016 $6,000 $6,000 Retained earnings Less accumulated depreciation and amortization $750 $500 Total stockholders' equity $3,911 $2,080 $9,911 $8,080 Net property, plant, and equipment $13,811 $12,269 Total liabilities and stockholders' equity $24.639 $18,439 Trademarks Total Assets $100 $100 $24,639 $18,439 Financial TNow: Examine the annual report for the company you nave selected for your Statement Analysis Report," and respond to the following questions using the most recent balance sheet provided. 1. What is the total for assets? Liabilities? Owners' equity? 2. What is the amount of accounts receivables? 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