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. Credit $ Debit 34,100 500 11,800 86,000 $ 6,000 234.000 2,860 1,420 10,200 46,000 178,000 54,000 37,000 17,400 51,000 19,600 25,000 ACCOUNTS Cash Petty Cash Pand Notes Receivable, due 20x2 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-building Warehouse Equipment Accumulated Depreciation Warehouse Equipment Delivery Equipment Accumulated Depreciation-Delivery Tiquipment ottice Equipment Accumulated Depreciation office Equipment Noten Payable, due 2022 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Charles Ronie, Capital (Jan. 1) Charles Ronie, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and allowances Purchases Discount Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel and Entertainment Expense Delivery Wages Expense 12,000 20,200 49,000 500 61,000 17,000 452,460 127,000 244,000 234,000 1,685,000 18,200 1.580 767,000 23, 800 3.440 11,160 199,600 7.100 5,800 269,200 21,500 60.330 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 Expenne-Building Depreciation Expense-office Equipment Interest Expense Totals 9,809 70,600 4.000 6,200 9,290 6,520 59,000 5,600 5,800 9,000 4,000 8,200 $2,649.420 $2,649,420 Required: 1. Prepare a classified income statement for the year ended December 31, 20X1. The expense accounts represent warehouse expenses, seling 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 mode 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