VERNON COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items s 24,500 20,500 7,700 50,000 151,000 21,700 58,000 143,000 27,000_12,000- Total current assets Investments Plant (net) Land 241,200 25,000 280,000 22,000 $628,200 568,200 274,200 32,000 295,000 27,000 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities s 35,200 10,200 90,000 26,000 20,000 120,200 Notes payable Accounts payable 103,800 Salaries payable Total current liabilities 165,000 Noncurrent 1iabilities Bonds payable Other 150,000 150,000 27,000 32,000 182,000 177,000- 347,000 Total noncurrent liabilities Total liabilities 297,200 Stockholders' equity Preferred stock, (par value $10, 5% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings 70,000 70,000 -141/200_ 131,000 4611200271,000 70,000 70,000 Total stockholders' equity Total liabilities and stockholders' equity $628,200 $568,200