3. Prepare Williams P4-42A. Calculate gross profit percentage and current ratio (Learning Objective 7) 20-25 min. The account balances for the year ended December 31, 2010, for Williams Industries are listed next: Sales Revenue. Equipment..... Accounts Payable. Sales Discounts Advertising Expense. Interest Expense Wages Payable........... Accounts Receivable Building............. Sales Returns and Allowances Common Stock. Utilities Expense. Inventory...... Commission Expense........ $322,800 104,000 16,500 2,200 12,600 1,700 1,600 6,900 140,000 $158,400 Cost of Goods Sold................ Accumulated Depreciation, Equipment. 26,400 Unearned Sales Revenue 2,500 Prepaid Rent...... 1,200 Office Salaries Expense. 52,000 Accumulated Depreciation, Building........ 40,500 Rent Expense 5,800 Dividends.. 14,000 Cash......... 7,800 Retained Earnings 87,600 Delivery Expense..... 1,300 Insurance Expense ...... 5,700 Mortgage Payable 37,000 Supplies...... 6,700 35,000 10,300 16,400 22,300 600