Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firms worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 23,500 Petty Cash Fund 500 Notes Receivable, due 2020 11,200 Accounts Receivable 90,000 Allowance for Doubtful Accounts $ 5,400 Merchandise Inventory 228,000 Warehouse Supplies 2,800 Office Supplies 1,360 Prepaid Insurance 8,400 Land 40,000 Building 172,000 Accumulated DepreciationBuilding 50,400 Warehouse Equipment 34,000 Accumulated DepreciationWarehouse Equipment 15,600 Delivery Equipment 48,000 Accumulated DepreciationDelivery Equipment 18,400 Office Equipment 22,000 Accumulated DepreciationOffice Equipment 10,200 Notes Payable, due 2020 19,600 Accounts Payable 38,400 Interest Payable 520 Mortgage Payable 58,000 Loans Payable, Long-term 14,000 Charles Ronie, Capital (Jan. 1) 424,060 Charles Ronie, Drawing 126,400 Income Summary 238,000 228,000 Sales 1,673,000 Sales Returns and Allowances 17,600 Interest Income 1,520 Purchases 761,000 Freight In 13,200 Purchases Returns and Allowances 7,840 Purchases Discounts 10,560 Warehouse Wages Expense 193,600 Warehouse Supplies Expense 6,500 Depreciation ExpenseWarehouse Equipment 5,200 Salaries ExpenseSales 263,200 Travel and Entertainment Expense 20,900 Delivery Wages Expense 59,730 Depreciation ExpenseDelivery Equipment 9,200 Salaries ExpenseOffice 70,000 Office Supplies Expense 3,400 Insurance Expense 5,600 Utilities Expense 8,690 Telephone Expense 5,920 Payroll Taxes Expense 56,000 Property Taxes Expense 5,000 Uncollectible Accounts Expense 5,200 Depreciation ExpenseBuilding 8,400 Depreciation ExpenseOffice Equipment 3,400 Interest Expense 7,600 Totals $ 2,575,500 $ 2,575,500 Required: Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the period. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year. Analyze: What is the current ratio for this business?