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 $31,20$X$1.$ Required:

Prepare a classified income statement for the year ended December $31,20\backslash$times $1.$ The expense accounts represent warehouse

expenses, selling expenses, and general and administrative expenses.

Prepare a statement of owner's equity for the year ended December $31,20$X$1.$ No additional investments were made during the

year.

Prepare a classified balance sheet as of December $31,201.$ The mortgage payable extends for more than a year.

Analyze:

What is the current ratio for this business? 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 $31,20$X$1.$

ACCOUNTS Debit Credit

Cash $ $22,800$

Petty Cash Fund $500$

Notes Receivable, due $20$X$210,500$

Accounts Receivable $84,000$

Allowance for Doubtful Accounts $ $4,700$

Merchandise Inventory $221,000$

Warehouse Supplies $2,730$

Office Supplies $1,290$

Prepaid Insurance $6,300$

Land $33,000$

Building $165,000$

Accumulated Depreciation$$Building $46,200$

Warehouse Equipment $30,500$

Accumulated Depreciation$$Warehouse Equipment $13,500$

Delivery Equipment $44,500$

Accumulated Depreciation$$Delivery Equipment $17,000$

Office Equipment $18,500$

Accumulated Depreciation$$Office Equipment $8,100$

Notes Payable, due $20$X$218,900$

Accounts Payable $37,700$

Interest Payable $450$

Mortgage Payable $54,500$

Loans Payable, Long$-$term $10,500$

Charles Ronie, Capital $($Jan$.1)348,260$

Charles Ronie, Drawing $125,700$

Income Summary $231,000221,000$

Sales $1,691,000$

Sales Returns and Allowances $16,900$

Interest Income $1,450$

Purchases $754,000$

Freight In $12,500$

Purchases Returns and Allowances $7,140$

Purchases Discounts $9,860$

Warehouse Wages Expense $186,600$

Warehouse Supplies Expense $5,800$

Depreciation Expense$$Warehouse Equipment $4,500$

Salaries Expense$$Sales $256,200$

Travel and Entertainment Expense $20,200$

Delivery Wages Expense $59,030$

Depreciation Expense$$Delivery Equipment $8,500$

Salaries Expense$$Office $69,300$

Office Supplies Expense $2,700$

Insurance Expense $4,900$

Utilities Expense $7,990$

Telephone Expense $5,220$

Payroll Taxes Expense $52,500$

Property Taxes Expense $4,300$

Uncollectible Accounts Expense $4,500$

Depreciation Expense$$Building $7,700$

Depreciation Expense$$Office Equipment $2,700$

Interest Expense $6,900$

Totals $ $2,490,260$ $ $2,490,260$

Required:

Prepare a classified income statement for the year ended December $31,20$X$1.$ The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.

Prepare a statement of owner$$s equity for the year ended December $31,20$X$1.$ No additional investments were made during the year.

Prepare a classified balance sheet as of December $31,20$X$1.$ The mortgage payable extends for more than a year.

Analyze:

What is the current ratio for this business?