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. ACCOUNTS Debit Credit Cash 22,300 Petty Cash Fund 400 Notes Receivable, due 20X2 10,000 Accounts Receivable 79,000 Allowance for Doubtful Accounts 4,200 Merchandise Inventory 216,000 Warehouse Supplies 2,680 Office Supplies 1,240 Prepaid Insurance 4,800 Land 28,000 Building 160,000 Accumulated Depreciation-Building 43,200 Warehouse Equipment 28,000 Accumulated Depreciation-Warehouse Equipment 12,000 Delivery Equipment 42,000 Accumulated Depreciation-Delivery Equipment 16,000 Office Equipment 16,000 Accumulated Depreciation-Office Equipment 6,600 Notes Payable, due 20x2 18,400 Accounts Payable 37,200 Interest Payable 400 Mortgage Payable 52,000 Loans Payable, Long-term 8,000 Charles Ronie, Capital (Jan. 1) 296,160 Charles Ronie, Drawing 125,200 Income Summary 226,000 216,000 Sales 1,701,000 Sales Returns and "Allowances 16,400 Interest Income 1,400 Purchases 749,000 Freight In 12,000 Purchases Returns and Allowances 6,640 Purchases Discounts 9,360 Warehouse Wages Expense 181,600 Warehouse Supplies Expense 5,300 Depreciation Expense-Warehouse Equipment 4,000 Salaries Expense-Sales 251,200 Travel and Entertainment Expense 19,700 Delivery Wages Expense 58,530 Depreciation Expense-Delivery Equipment 8,000. Salaries Expense-Office 68,800 Office Supplies Expense 2,200 B Saved Help Save & Exit Submit 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: Check my wan 4,400 7,490 4,720 50,000 3,800 4,000 7,200 2,200 6,400 $2,428,560 $2,428,560 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? 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 expens expenses, selling expenses, and general and administrative expenses. SUPERIOR HARDWOOD COMPANY Thcome Statement Operating revenue Sales Less: Sales returns and allowances Net sales Cost of goods sold Merchandis inventory, January 1, 20x1