Condensed Data Taken from the Ledger of St

question 13

Essay

Condensed data taken from the ledger of St.Louis Company at December 31,for the current and preceding years,are as follows:
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Prepare a comparative balance sheet,with horizontal analysis,for December 31,Year 2 and Year 1.(Round percents to one decimal point.)

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Definitions:

Cost of Merchandise Sold

The direct costs attributable to the production of the goods sold by a company.

Invoice Terms

The conditions stipulated on an invoice, including payment due date, discount opportunities for early payment, and penalties for late payment.

n/30

Payment terms indicating the net amount is due in full within 30 days.

Estimated Returns Inventory

A current asset that is reported on the balance sheet after inventory.