Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please do all Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is
Please do all
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 98,200 400 11,000 139,400 5 3,000 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 110 127.700 2,500 620 3,840 15,200 103,000 16,300 19,000 9,100 8,600 3,500 14,200 56,100 320 13,000 16,000 318,870 69,850 130,600 127, 700 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summary 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 56,100 320 13,000 16,000 318,870 69,850 130,600 127, 700 1,094,300 7,600 500 455,000 9,000 12,850 8,440 107,800 5,000 2,600 150,900 23,200 36,625 84,200 1,140 9,075 7,200 3,200 30,800 2,900 15,600 2,780 4,800 1,540 3,200 $1,694,180 $1,694,180 Complete this question by entering your answers in the tabs below. 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 during the year. GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 318,870 S Colin O'Brien, Capital, January 1, 20X1 Net Income for year Less: Withdrawals for year Increase in capital Colin O'Brien, Capital, December 31, 20X1 S 151,930 x 69,850 82,080 400,950 $ (Required 1 Required 3 > Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one GOOD TO GO AUTO PRODUCTS Balance Sheet Assets Current assets Cash Petty cash fund Notes receivable $ 98,200 400 11.000 Accounts receivable $ 139,400 3,000 Less: Allowance for doubtful accounts Merchandise inventory Interest receivable 136,400 X 110 Prepaid expenses Warehouse supplies 127 700 2,500 X Office supplies Prepaid insurance 620 X 3,840 134,660 $ 380,770 Total current assets Plant and equipment Land 15,200 86,700 103,000 16,300 19,000 9,100 8,600 3,500 9,900 5,100 Building Less: Accumulated depreciation Warehouse equipment Less: Accumulated depreciation Office equipment Less: Accumulated depreciation Total plant and eqipment Total assets Liability and Owner's Equity Current liabilities Notes payable Accounts payable Interest payable 116,900 $ 497,670 $ 14,200 56,100 320 $ 70,620 Total current liabilities Long-term liabilities Mortgage payable > $ 16,000 13,000 29,000 X 58,000 Total long-term liabilities Total liabilities 128,620 Owner's equity Colin O'Brien, Capital 398,050 Total liabilities and owner's equity 526,670 Analyze: What percentage of total operating expenses is attributable to warehouse expenses? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze What percentage of total operating expenses is attributable to warehouse expenses? (Round your answer to 2 decimal places.) percentage attributable to warehouse expense % Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started