Problem 13.1A (Algo) Preparing classified financial statements. LO 13-1, 13-2, 13-3

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firms worksheet for the year ended December 31, 20X1.

ACCOUNTS	Debit			Credit
Cash	$	22,700
Petty Cash Fund		600
Notes Receivable, due 20X2		10,400
Accounts Receivable		83,000
Allowance for Doubtful Accounts				$	4,600
Merchandise Inventory		220,000
Warehouse Supplies		2,720
Office Supplies		1,280
Prepaid Insurance		6,000
Land		32,000
Building		164,000
Accumulated DepreciationBuilding					45,600
Warehouse Equipment		30,000
Accumulated DepreciationWarehouse Equipment					13,200
Delivery Equipment		44,000
Accumulated DepreciationDelivery Equipment					16,800
Office Equipment		18,000
Accumulated DepreciationOffice Equipment					7,800
Notes Payable, due 20X2					18,800
Accounts Payable					37,600
Interest Payable					440
Mortgage Payable					54,000
Loans Payable, Long-term					10,000
Charles Ronie, Capital (Jan. 1)					337,960
Charles Ronie, Drawing		125,600
Income Summary		230,000			220,000
Sales					1,693,000
Sales Returns and Allowances		16,800
Interest Income					1,440
Purchases		753,000
Freight In		12,400
Purchases Returns and Allowances					7,040
Purchases Discounts					9,760
Warehouse Wages Expense		185,600
Warehouse Supplies Expense		5,700
Depreciation ExpenseWarehouse Equipment		4,400
Salaries ExpenseSales		255,200
Travel and Entertainment Expense		20,100
Delivery Wages Expense		58,930
Depreciation ExpenseDelivery Equipment		8,400
Salaries ExpenseOffice		69,200
Office Supplies Expense		2,600
Insurance Expense		4,800
Utilities Expense		7,890
Telephone Expense		5,120
Payroll Taxes Expense		52,000
Property Taxes Expense		4,200
Uncollectible Accounts Expense		4,400
Depreciation ExpenseBuilding		7,600
Depreciation ExpenseOffice Equipment		2,600
Interest Expense		6,800
Totals	$	2,478,040		$	2,478,040