Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...

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Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance cats that follows is from the firm's worksheet for the year ended December 31, 20x1 Cash Petty Cash Fund Accounts Notes Receivable, due 28x2 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Debit $ 98,588 400 12,500 139,788 Credit $ 3,388 125 128,000 2,800 658 Prepaid Insurance 4,140 Land 15,588 Building 184,588 Accumulated Depreciation Building 16,458 Warehouse Equipment 19,300 Accumulated Depreciation-warehouse Equipment 9,258 Office Equipment 8,900 Accumulated Depreciation-Office Equipment 3,650 Notes Payable, due 2002 14,500 Accounts Payable 56,488 Interest Payable 358 Notes Payable, Long-Term 14,500 Mortgage Payable 17,500 Colin O'Brien, Capital (January 1) 321,795 Colin O'Brien, Drawing 78,158 Income Summary 138,988 Sales 128,800 1,180,300 Sales Returns and Allowances 7,988 Interest Income 538 Purchases 458,000 Freight In 9,380 Purchases Returns and Allowances 13,158 Purchases Discounts 8,748 Warehouse wages Expense 188,100 Warehouse Supplies Expense 5,300 Depreciation Expense-Warehouse Equipment 2,988 Salaries Expense-Sales 151,200 Travel Expense 23,588 Delivery Expense 36,925 Salaries Expense-Office 84,500 Office Supplies Expense Insurance Expense 1,178 9,375 utilities Expense 7,588 Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense 3,238 31,100 3,200 15,900 Uncollectible Accounts Expense 3,888 Depreciation Expense-Building 5,100 Depreciation Expense-Office Equipment Interest Expense 1,578 3,500 Totals $ 1,788,415 $ 1,788,415 Required: 1. Prepare a classified Income statement for the year ended December 31, 20x1. The operating 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 one year. Analyze: What percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 2001. The operating expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. Operating revenue Not sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases Not delivered cost of purchases Total merchandise available for sale Gross profit on sales Operating expenses Warehouse expenses Total warehouse expenses Selling expenses GOOD TO GO AUTO PRODUCTS Income Statement Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income from operations Other income Other expenses Nat nonoperating expenses Not income for year GOOD TO GO AUTO PRODUCT8 Statement of Owner's Equity < Required 1 Required 3 > Current assets Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Office equipment Total plant and eqpment Total assets Current liabilities Totalcument labies Long-term liabilities Total long-term labies Total liabilities Owner's equity Total liabilities and owner's equity GOOD TO GO AUTO PRODUCT8 Balance Sheet Accats Liability and Owner's Equity What percentage of total operating expenses is attributable to warehouse expenses? Note: Round your answer to 2 decimal places. The percentage attributable to warehouse expense is < Required 3 Analyze > Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance cats that follows is from the firm's worksheet for the year ended December 31, 20x1 Cash Petty Cash Fund Accounts Notes Receivable, due 28x2 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Debit $ 98,588 400 12,500 139,788 Credit $ 3,388 125 128,000 2,800 658 Prepaid Insurance 4,140 Land 15,588 Building 184,588 Accumulated Depreciation Building 16,458 Warehouse Equipment 19,300 Accumulated Depreciation-warehouse Equipment 9,258 Office Equipment 8,900 Accumulated Depreciation-Office Equipment 3,650 Notes Payable, due 2002 14,500 Accounts Payable 56,488 Interest Payable 358 Notes Payable, Long-Term 14,500 Mortgage Payable 17,500 Colin O'Brien, Capital (January 1) 321,795 Colin O'Brien, Drawing 78,158 Income Summary 138,988 Sales 128,800 1,180,300 Sales Returns and Allowances 7,988 Interest Income 538 Purchases 458,000 Freight In 9,380 Purchases Returns and Allowances 13,158 Purchases Discounts 8,748 Warehouse wages Expense 188,100 Warehouse Supplies Expense 5,300 Depreciation Expense-Warehouse Equipment 2,988 Salaries Expense-Sales 151,200 Travel Expense 23,588 Delivery Expense 36,925 Salaries Expense-Office 84,500 Office Supplies Expense Insurance Expense 1,178 9,375 utilities Expense 7,588 Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense 3,238 31,100 3,200 15,900 Uncollectible Accounts Expense 3,888 Depreciation Expense-Building 5,100 Depreciation Expense-Office Equipment Interest Expense 1,578 3,500 Totals $ 1,788,415 $ 1,788,415 Required: 1. Prepare a classified Income statement for the year ended December 31, 20x1. The operating 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 one year. Analyze: What percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 2001. The operating expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. Operating revenue Not sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases Not delivered cost of purchases Total merchandise available for sale Gross profit on sales Operating expenses Warehouse expenses Total warehouse expenses Selling expenses GOOD TO GO AUTO PRODUCTS Income Statement Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income from operations Other income Other expenses Nat nonoperating expenses Not income for year GOOD TO GO AUTO PRODUCT8 Statement of Owner's Equity < Required 1 Required 3 > Current assets Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Office equipment Total plant and eqpment Total assets Current liabilities Totalcument labies Long-term liabilities Total long-term labies Total liabilities Owner's equity Total liabilities and owner's equity GOOD TO GO AUTO PRODUCT8 Balance Sheet Accats Liability and Owner's Equity What percentage of total operating expenses is attributable to warehouse expenses? Note: Round your answer to 2 decimal places. The percentage attributable to warehouse expense is < Required 3 Analyze >

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