Question: Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.

Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the period.

Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.

Cash	$	98,400
Petty Cash Fund		600
Notes Receivable, due 2020		12,000
Accounts Receivable		139,600
Allowance for Doubtful Accounts				$	3,200
Interest Receivable		120
Merchandise Inventory		127,900
Warehouse Supplies		2,700
Office Supplies		640
Prepaid Insurance		4,040
Land		15,400
Building		104,000
Accumulated DepreciationBuilding					16,400
Warehouse Equipment		19,200
Accumulated DepreciationWarehouse Equipment					9,200
Office Equipment		8,800
Accumulated DepreciationOffice Equipment					3,600
Notes Payable, due 2020					14,400
Accounts Payable					56,300
Interest Payable					340
Loans PayableLong-Term					14,000
Mortgage Payable					17,000
Colin OBrien, Capital (Jan. 1)					321,020
Colin OBrien, Drawing		70,050
Income Summary		130,800			127,900
Sales					1,098,300
Sales Returns and Allowances		7,800
Interest Income					520
Purchases		457,000
Freight In		9,200
Purchases Returns and Allowances					13,050
Purchases Discounts					8,640
Warehouse Wages Expense		108,000
Warehouse Supplies Expense		5,200
Depreciation ExpenseWarehouse Equipment		2,800
Salaries ExpenseSales		151,100
Travel Expense		23,400
Delivery Expense		36,825
Salaries ExpenseOffice		84,400
Office Supplies Expense		1,160
Insurance Expense		9,275
Utilities Expense		7,400
Telephone Expense		3,220
Payroll Taxes Expense		31,000
Building Repairs Expense		3,100
Property Taxes Expense		15,800
Uncollectible Accounts Expense		2,980
Depreciation ExpenseBuilding		5,000
Depreciation ExpenseOffice Equipment		1,560
Interest Expense		3,400
Totals	$	1,703,870		$	1,703,870