a 6 Problem 13.1A Preparing classified financial statements. Objectives 13-1. @ 13-2, 13,3 Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm's worksheet for the year ended December 31, 20X1. INSTRUCTIONS 1. Prepare a cinssified income statement for the year ended December 31, 20X1. The expense accounts represent warehouse expenses selling expenses, and general and administrative expenses, 2. Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than a year ACCOUNTS Crodit Debit $ Cash D D 34.100 500 Credit Credit Debit $ 34,100 500 11,800 86,000 $ 6.000 Cash Petty Cash Fund Notes Receivable, due 20X2 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation Building Warehouse Equipment Accumulated Depreciation Warehouse Equipment Delivery Equipment 234,000 2.860 1,420 10,200 46,000 178,000 54,000 37.000 17.400 51,000 ti 19,600 25.000 12.000 Accumulated Depreciation-Delivery Equipment Office Equipment Accumulated Depreciation Office Equipment Notes Payable, due 20X2 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Charles Ronie, Capital (Jan. 1) Charles Ronic, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight in Purchases Retums and Allowances Purchases Discounts Warehouse Wires Expense 20.200 49.000 580 61,000 17.000 452,460 127.000 244,000 234.000 1.685.000 18.200 1.580 767,000 13,800 8.440 11.160 199.600 27 199.600 7.100 5,800 269.200 21,500 60,330 Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense --Warehouse Equipment Salaries Expense-Sales Travel and Entertainment Expense Delivery Wages Expense Depreciation Expense-Delivery Equipment Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Damition Examse Building 9.800 70.600 4,000 6,200 9.290 6,520 59,000 5,600 5,800 02000 9,800 Depreciation Expense-Delivery Equipment Salaries Expense Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 70.600 4.000 6,200 9.290 6,520 59.000 5,600 5,800 9,000 4,000 8.200 $2,649,420 $2,649.420