Presented below are the adjusted account balances for Bartowski Industries Ltd. on December 31, 2019, the companys year-end. The accounts presented are in alphabetical order and have normal balances:

Accounts payable	$ 15,200
Accounts receivable	12,300
Accumulated depreciation buildings	22,000
Accumulated depreciation vehicles	30,410
Administration expenses	45,200
Buildings	225,000
Cash	25,770
Common shares	75,000
Cost of goods sold	115,100
Dividends declared	6,700
Income tax expense	9,200
Interest expense	5,100
Interest payable	610
Land	89,500
Merchandise Inventory	14,600
Mortgage payable (see additional information below)	150,000
Prepaid insurance	2,800
Retained earnings	42,550
Sales	273,000
Sales Returns & Allowances	5,300
Selling expenses	22,100
Unearned revenue	7,500
Vehicles	37,600

Additional Information:

$18,750 of the mortgage payable will be paid in the next year.

Required: On the following pages as indicated, prepare the following:

1. A multiple-step Income Statement for the year-ended December 31, 2019 in

proper format. (8 marks)

2. Calculate the December 31, 2019 retained earnings balance. Show your work. (2 marks)
3. Prepare the Liabilities and Shareholders Equity section of the classified Statement of Financial Position at December 31, 2019 in proper format. (7 marks)
4. Prepare the closing entries. (7 marks)

5. Calculate the gross profit margin and analyze company performance on page 6. (4 marks)