Problem 13.1A (Static) 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 firm's worksheet for the year ended December 31, 20X1. Credit Debit 34,100 500 11,888 86, eee $ 6,888 234, eee 2,860 1,420 18,209 46,089 178,000 54,80 37,600 ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 20x2 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Office Equipment Accumulated Depreciation-office Equipment Notes Payable, due zex2 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Charles Ronie, Capital (Jan. 1) Charles Ronie, Drawing Income Summary Sales Sales Returns and Allowances 17,480 52, eee 19,680 25,000 12,080 20, 200 49, ese 580 61,080 17,000 452, 460 127,000 244, cea 234, eee 1,685,000 18, 2ee 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 and Entertainment Expense Delivery Wages Expense Depreciation Expense-Delivery Equipment Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 18,209 1,589 767, 13,800 8,440 11,160 199,600 7,188 5,8ee 269, 280 21,588 68,338 9,800 79,60a 4, eee 6,280 9,299 6,520 59, cea 5,600 5,888 9,000 4, eee 8, 289 $2,649,420 $2,649,420 Required: 1. Prepare a classified Income statement for the year ended December 31, 20X1. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. 2. Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional Investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than a year. Analyze: What is the current ratio for this business? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 20X1. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. SUPERIOR HARDWOOD COMPANY Income Statement Operating revenue Purchases returns and allowances $ 1,666,800 Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases 0 Delivered cost of purchases IS 0 0 0 Net delivered cost of purchases Total merchandise available for sale Olo IS 0 0 s 0 Gross profit on sales Operating expenses Warehouse expenses Total warehouse expenses IS 0 Selling expenses IS 0 Total selling expenses General and administrative expenses IS 0 Total selling expenses General and administrative expenses Is 0 0 Total general and administrative exp. Total operating expenses Income from operations Other income IS Other expenses 0 Net nonoperating expenses Net income for year S 0 Required Required 2 > 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. SUPERIOR HARDWOOD COMPANY Statement of Owner's Equity 0 $ 0 Required 1 Required 2 Required 3 Analyze Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than a year. SUPERIOR HARDWOOD COMPANY Balance Sheet Assets Current assets Cash s 34,100 500 Petty cash fund Notes receivable OOOOO 11.800 $ 88.000 Accounts receivable Less: Allowance for doubtful accounts 80.000 Prepaid expenses Warehouse supplies Office supplies IS 2.880 1.420 10.200 Prepaid insurance 14.480 $ 140,880 Total current assets Plant and equipment Land IS 48.000 S 178,000 Building Less: Accumulated depreciation Warehouse equipment Less: Accumulated depreciation 54,000 37,000 S 174,000 > $ 174,000 51,000 19,800 > OOOOX S 25,000 12,000 48.000 $ 186,880 IS 20,200 49.000 580 Less: Accumulated depreciation Delivery equipment Less: Accumulated depreciation Office equipment Less: Accumulated depreciation Total plant and equipment Total assets Liability and Owner's Equity Current liabilities Notes payable Accounts payable Interest payable Mortgage payable Total current liabilities Long-term liabilities Loans payable Income summary Prepaid insurance Total long-term liabilities Total liabilities Owner's equity Charles Ronie, Capital Charles Ronie. Drawing Total liabilities and owner's equity x 81,000 $ 130,780 S 17,000 17,000 X 147.780 $181.780 $ 312,560 $452.460 X 127.000 x $ 892.020 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze What is the current ratio for this business? (Round your answer to 2 decimal places.) Current ratio 5.37