Part 1 is already done. you just have to do part 2 and fill out the forms

Part 1 On December 31 of the current year, Griffin Sales has the general ledger accounts and balances shown on the work sheet below. Directions: Use the adjustment information below. Complete Griffin Sales worksheet for the fiscal year ended December 31 of the current year. Adjustment Information, December 31 Merchandise inventory-- $199,462.00 Office supplies inventory-- $1,372.00 Store supplies inventory-- $2,365.00 Value of prepaid insurance-- $2,100.00 Account Title Cash Petty cash Accounts receivable Merchandise inventory Supplies-office Supplies-store Prepaid insurance Accounts payable Sales tax payable Jack Griffin, Capital Jack Griffin, Drawing Sue Griffin, Capital Sue Griffin, Drawing Income Summary Sales Purchases Advertising Expense Credit card fees expense Insurance expense Miscellaneous expense Rent expense Supplies expense- office Supplies expense-store Utilities expense Totals Net income Totals Worksheet As on December 31 Adjusted Trial Balance Debit Credit Debit Credit $21,770.00 $21,770.00 $500.00 $500.00 $8,911.00 $8,911.00 $211,870.00 $12,408.00 $199,462.00 $5,076.00 $3,704.00 $1,372.00 $5,430.00 $3,065.00 $2,365.00 $4,620.00 $2,520.00 $2,100.00 $11,842.00 $1,654.00 $98,764.00 $17,482.00 $17,482.00 $98,230.00 $17,108.00 $17,108.00 $12,408.00 $12,408.00 $12,408.00 $148,800.00 $148,800.00 $148,800.00 $5,170.00 $5,170.00 $5,170.00 $2,100.00 $2,100.00 $2,100.00 $2,520.00 $2,520.00 $2,520.00 $620.00 $620.00 $620.00 $16,800.00 $16,800.00 $16,800.00 $3,704.00 $3,704.00 $3,704.00 $3,065.00 $3,065.00 $3,065.00 $2,990.00 $2,990.00 $2,990.00 $469,247.00 $469,247.00 $21,697.00 $21,697.00 $469,247.00 $469,247.00 $198,177.00 $258,757.00 $271,070.00 $210,490.00 $60,580.00 $60,580.00 $258,757.00 $258,757.00 $271,070.00 $271,070.00 Trial Balance Credit $11,842.00 $1,654.00 $98,764.00 $98,230.00 $258,757.00 Adjustments Debit $11,842.00 $1,654.00 $98,764.00 $98,230.00 $258,757.00 Income Statement Debit Credit $258,757.00 Balance Sheet Debit $21,770.00 $500.00 $8,911.00 $199,462.00 $1,372.00 $2,365.00 $2,100.00 $17,482.00 $17,108.00 Credit Part 2 Using the information from your complete worksheet (part 1) follow the directions below to complete part 2. Directions: 1. Prepare an income statement. Calculate and record the following component percentages: (a) cost of merchandise sold; (b) gross profit on sales, (c) total expenses, and (d) net income or loss. Round percentage calculations to the nearest 0.1% 2. Prepare a distribution of net income statement. Net Income or Loss is to be shared equally. 3. Prepare an owners' equity statement. No additional investments were made. 4. Prepare a balance sheet in report form. See tabs below for the other forms Income Statement % of Sales See tabs below for the other forms Distribution of Net Income Statement See tabs below for the other forms Owner's Equity Statement See tabs below for the other forms Balance Sheet