Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm's worksheet for the year ended December 31, 20X1. Credit Debit $ 98,500 400 12,500 139,700 $ 3,300 125 128,000 2,800 650 4,140 15,500 104,500 Accounts Cash Petty Cash Fund Notes Receivable, due 20X2 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Accumulated Depreciation-office Equipment Notes Payable, due 20X2 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien; Drawing Income Summary Sales 16,450 19,300 9,250 8,900 3,650 14,500 56,400 350 14,500 17,500 321,795 70, 150 130,900 128,000 1,100,300 Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 1,100,300 7,900 530 458,000 9,300 13,150 8,740 108, 100 5,300 2,900 151,200 23,500 36,925 84,500 1,170 9,375 7,500 3,230 31,100 3,200 15,900 3,080 5,100 1,570 3,500 $1,708,415 $1,708,415 Required: 1. Prepare a classified 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 one year. Analyze: What percentage of total operating expenses is attributable to warehouse expenses? Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 20X1. The expense accounts represent warehou expenses, and general and administrative expenses. GOOD TO GO AUTO PRODUCTS Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 $ 0 Delivered cost of purchases Delivered cost of purchases $ o 0 Net delivered cost of purchases Total merchandise available for sale $ 0 $ Gross profit on sales Operating expenses Warehouse expenses Total warehouse expenses $ 0 Selling expenses $ Total selling expenses General and administrative expenses $ O Total general and administrative expenses Total operating expenses Income from operations Other income $ $ 0 Total general and administrative expenses Total operating expenses Income from operations $ Other income Other expenses $ Net nonoperating expenses Net income for year $ 0 (Required Required 2 > Required 1 Required 2 Required 3 Analyze Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made dur GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 $ 0 Required 1 Required 2 Required 3 Analyze Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one year GOOD TO GO AUTO PRODUCTS Balance Sheet Assets Current assets Prepaid expenses Prepaid expenses 0 Total current assets $ 0 Plant and equipment Building Warehouse equipment Office equipment 0 0 Total plant and eqipment Total assets Liability and Owner's Equity 0 $ Current liabilities s Total assets Liability and Owner's Equity Current liabilities $ 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities $ 0 Owner's equity $ 0 Total liabilities and owner's equity Required 1 Required 2 Required 3 Analyze What percentage of total operating expenses is attributable to warehouse expenses? (Round your answer to 2 decimal p The percentage attributable to warehouse expense is %