Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firms worksheet for the year ended December 31, 2019.

Required:

1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
2. Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the period.
3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.

Analyze: What percentage of total operating expenses is attributable to warehouse expenses?

Accounts Credit $ 98,100 600 10,500 Petty Cash Fund Notes Receivable, due 2020 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventor Warehouse Supplies Office Supplies Prepaid Insurance $ 2,900 127,600 610 3,740 15,100 102,500 Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Loans Payable-Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summar 16,250 9,050 3,450 56,000 12,500 318,095 127,600 18,900 69,750 130,500 7,500 454,000 es 1,092,300 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 Propert Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense 490 8,900 750 107,700 4,900 2,500 150,800 23,100 36,525 84,100 8,975 30,700 2,800 15,500 2,680 y Taxes Expense 530 3,100 $1,689,635 $1,689,635