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superior hardwood company distributed hardwood products to small furniture manufactuarers. The adjusted trial balance data given below is from the firm's worksheet for the year
superior hardwood company distributed hardwood products to small furniture manufactuarers. The adjusted trial balance data given below is from the firm's worksheet for the year ended in December 31, 20X1.
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 751,000 12,200 6,840 9,560 183,600 5,500 4,200 253,200 19,900 58,730 8,200 69,000 2,400 4,600 7,690 4,920 51,000 4,000 4,200 7,400 2,400 6.600 $2,45,300 $2,453,300 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 expenses, selling expenses, and general and administrative expenses. LIBOR OWOCO COMANY Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 2 Delivered cost of purchases Net delivered cost of purchases Total merchandise available for sale Cross prott on sales Operating expenses Warehouse expenses Tut Warehouse expenses Senge pense Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income from operations Other income Omer expenses Net nonoperating expenses Net income for year Required 2 > What is the current ratio for this business? 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 Required 1 Required 3 > 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 Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Delivery equipment Ofice equipment Warehouse equipment Delivery equipment Office equipment Total plant and equipment Total assets Liability and Owner's Equity Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Owner's equity Total liabilities and owner's equity 52,453,300 Required: 1. Prepare a classified income statement for the year ended December 31, 20X1. The expense accounts represent 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 year. 3. Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than a yea Analyze: What is the current ratio for this business? 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 to Step by Step Solution
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