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 22,900 400 10,600 85,000 4,800 ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 2022 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 Equipment office Equipment Accumulated Depreciation-office Equipment Notes Payable, due 20X2 Accounts Payable Interest Payable 222,000 2,740 1,300 6,600 34,000 166,000 46,800 31,000 13,800 45,000 17,200 19,000 8,400 19,000 37,800 460 37,800 460 55,000 11,000 358,560 125,800 232,000 222,000 1,689,000 17,000 1,460 755,000 12,600 7,240 9,960 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 All ances 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 187,600 5,900 4,600 257,200 20,300 59,130 8,600 69,400 2,800 5,000 8,090 5,320 53,000 4,400 4,600 Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 5,320 53,000 4,400 4,600 7,800 2.800 7,000 $2,502,480 $2,502,480 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? Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 20X1. The expense accounts represent warehou expenses, and general and administrative expenses. SUPERIOR HARDWOOD COMPANY Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases $ 0 0 Net delivered cost of purchases 0 $ Total merchandise available for sale $ Gross profit on sales Operating expenses Warehouse expenses 0 $ Total warehouse expenses Selling expenses S 0 Total selling expenses 0 $ Total selling expenses General and administrative expenses $ 0 0 Total general and administrative expenses Total operating expenses Income from operations $ 0 Other income $ 0 0 Total general and administrative expenses Total operating expenses Income from operations $ 0 Other income Other expenses 0 Net nonoperating expenses Net income for year $ 0 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 dur SUPERIOR HARDWOOD COMPANY Statement of Owner's Equity 0 $ 0 Required 1 Required 2 Required 3 Analyze Prepare a classified balance sheet as of December 31, 20X1. The mortgage paya SUPERIOR HARDWOOD COMPANY Balance Sheet Assets Current assets Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Delivery 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 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 1