Condensed data taken from the ledger of St. Louis Company at December 31, for the current and preceding years, are as follows: Year 2 Year 1 Current assets $160,000 $130,000 Property, plant, and equipment 450,000 400,000 Intangible assets 20,700 30,000 Current liabilities 70,000 80,000 Long-term liabilities 210,000 250,000 Common stock 225,000 150,000 Retained earnings 125,700 80,000 Required: Prepare a comparative balance sheet, with horizontal analysis, for December 31, Year 2 and Year 1. Round percentages to one decimal place. If required, use the minus sign to indicate decreases in amounts and percents (negative values). St. Louis CompanyComparative Balance SheetDecember 31, Year 2 and Year 1 Year 2 Year 1 Increase (Decrease) Amount Increase (Decrease) Percent Assets $- Select - $- Select - $- Select - - Select -% - Select - - Select - - Select - - Select -% - Select - - Select - - Select - - Select -% Total assets $fill in the blank 16 $fill in the blank 17 $fill in the blank 18 fill in the blank 19% Liabilities $- Select - $- Select - $- Select - - Select -% - Select - - Select - - Select - - Select -% Total liabilities $fill in the blank 30 $fill in the blank 31 $fill in the blank 32 fill in the blank 33% Stockholders' Equity $- Select - $- Select - $- Select - - Select -% - Select - - Select - - Select - - Select -% Total stockholders' equity $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 fill in the blank 47% Total liabilities and stockholders' equity $fill

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Condensed data taken from the ledger of St. Louis Company at December 31, for the current and preceding years, are as follows:

	Year 2	Year 1
Current assets	$160,000	$130,000
Property, plant, and equipment	450,000	400,000
Intangible assets	20,700	30,000
Current liabilities	70,000	80,000
Long-term liabilities	210,000	250,000
Common stock	225,000	150,000
Retained earnings	125,700	80,000

Required:

Prepare a comparative balance sheet, with horizontal analysis, for December 31, Year 2 and Year 1. Round percentages to one decimal place. If required, use the minus sign to indicate decreases in amounts and percents (negative values).

St. Louis CompanyComparative Balance SheetDecember 31, Year 2 and Year 1

	Year 2	Year 1	Increase (Decrease) Amount	Increase (Decrease) Percent
Assets
	$- Select -	$- Select -	$- Select -	- Select -%
	- Select -	- Select -	- Select -	- Select -%
	- Select -	- Select -	- Select -	- Select -%
Total assets	$fill in the blank 16	$fill in the blank 17	$fill in the blank 18	fill in the blank 19%
Liabilities
	$- Select -	$- Select -	$- Select -	- Select -%
	- Select -	- Select -	- Select -	- Select -%
Total liabilities	$fill in the blank 30	$fill in the blank 31	$fill in the blank 32	fill in the blank 33%
Stockholders' Equity
	$- Select -	$- Select -	$- Select -	- Select -%
	- Select -	- Select -	- Select -	- Select -%
Total stockholders' equity	$fill in the blank 44	$fill in the blank 45	$fill in the blank 46	fill in the blank 47%
Total liabilities and stockholders' equity	$fill in the blank 48	$fill in the blank 49	$fill in the blank 50	fill in the blank 51%

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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