Required:

1. 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.

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

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

4. Analyze: What percentage of total operating expenses is attributable to warehouse expenses?

Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firms worksheet for the year ended December 31, 2019.

Accounts	Debit			Credit
Cash	$	97,500
Petty Cash Fund		500
Notes Receivable, due 2020		17,500
Accounts Receivable		138,700
Allowance for Doubtful Accounts				$	2,300
Interest Receivable		175
Merchandise Inventory		127,000
Warehouse Supplies		1,800
Office Supplies		550
Prepaid Insurance		3,140
Land		14,500
Building		99,500
Accumulated DepreciationBuilding					15,950
Warehouse Equipment		18,300
Accumulated DepreciationWarehouse Equipment					8,750
Office Equipment		7,900
Accumulated DepreciationOffice Equipment					3,150
Notes Payable, due 2020					13,500
Accounts Payable					55,400
Interest Payable					250
Loans PayableLong-Term					9,500
Mortgage Payable					12,500
Colin OBrien, Capital (Jan. 1)					322,245
Colin OBrien, Drawing		69,150
Income Summary		129,900			127,000
Sales					1,080,300
Sales Returns and Allowances		6,900
Interest Income					430
Purchases		448,000
Freight In		8,300
Purchases Returns and Allowances					12,150
Purchases Discounts					7,740
Warehouse Wages Expense		107,100
Warehouse Supplies Expense		4,300
Depreciation ExpenseWarehouse Equipment		1,900
Salaries ExpenseSales		150,200
Travel Expense		22,500
Delivery Expense		35,925
Salaries ExpenseOffice		83,500
Office Supplies Expense		1,070
Insurance Expense		8,375
Utilities Expense		6,500
Telephone Expense		3,130
Payroll Taxes Expense		30,100
Building Repairs Expense		2,200
Property Taxes Expense		14,900
Uncollectible Accounts Expense		2,080
Depreciation ExpenseBuilding		4,100
Depreciation ExpenseOffice Equipment		1,470
Interest Expense		2,500
Totals	$	1,671,165		$	1,671,165