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 Prepare a comparative balance sheet, with horizontal analysis, for December 31, Year 2 and Year 1. Round percents to one decimal place. Enter negative values as negative numbers. Prepare a comparative balance sheet, with horizontal analysis, for December 31, Year 2 and Year 1. Round percents to one decimal place. Enter negative values as negative numbers. St. Louis Company Comparative Balance Sheet December 31, Year 2 and Year 1 1 Increase (Decrease) Increase (Decrease) 2 Assets Year 2 Year 1 Amount Percent 3 Current assets $160,000.00 $130,000.00 4 Property, plant, and equipment 450,000.00 400,000.00 5 Intangible assets 20,700.00 30,000.00 6 Total assets $630,700.00 $560,000.00 7 Liabilities 8 Current liabilities $70,000.00 $80,000.00 9 Long-term debt 210,000.00 250,000.00 10 Total liabilities $280,000.00 $330,000.00 11 Stockholders' Equity 12 Common stock $225,000.00 $150,000.00 13 Retained earnings 125,700.00 80,000.00 14 Total stockholders' equity $350,700.00 $230,000.00 15 Total liabilities and stockholders' equity $630,700.00 $560,000.00

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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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

Prepare a comparative balance sheet, with horizontal analysis, for December 31, Year 2 and Year 1. Round percents to one decimal place. Enter negative values as negative numbers.

St. Louis Company

Comparative Balance Sheet

December 31, Year 2 and Year 1

1				Increase (Decrease)	Increase (Decrease)
2	Assets	Year 2	Year 1	Amount	Percent
3	Current assets	$160,000.00	$130,000.00
4	Property, plant, and equipment	450,000.00	400,000.00
5	Intangible assets	20,700.00	30,000.00
6	Total assets	$630,700.00	$560,000.00
7	Liabilities
8	Current liabilities	$70,000.00	$80,000.00
9	Long-term debt	210,000.00	250,000.00
10	Total liabilities	$280,000.00	$330,000.00
11	Stockholders' Equity
12	Common stock	$225,000.00	$150,000.00
13	Retained earnings	125,700.00	80,000.00
14	Total stockholders' equity	$350,700.00	$230,000.00
15	Total liabilities and stockholders' equity	$630,700.00	$560,000.00

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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