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.

Required:

1. 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.
2. Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the period.
3. 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?

ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 2020 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 2020 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 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 Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals Debit Credit $ 24,100 500 11,800 96,000 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 12,000 20, 200 39,000 580 61,000 17,000 462,460 127,000 244,000 234,000 1,685,000 18,200 1,580 767,000 13,800 8,440 11,160 199,600 7,100 5,800 269, 200 21,500 60,330 9,800 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 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, 2019. The expense accounts represent warehous expenses, selling expenses, and general and administrative expenses. SUPERIOR HARDWOOD COMPANY Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 2019 Delivered cost of purchases Net delivered cost of purchases Total merchandise available for sale $ Gross profit on sales Operating expenses Warehouse expenses Total warehouse expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative exp. Total operating expenses Income from operations Other income Other expenses Net nonoperating expenses Net income for year Required 1 Required 2 Required 3 Analyze Prepare a statement of owner's equity for the year ended December 31, 2019. No additional investments were made durii the period. SUPERIOR HARDWOOD COMPANY Statement of Owner's Equity Required 1 Required 2 Required 3 Analyze Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year. SUPERIOR HARDWOOD COMPANY Balance Sheet Assets Current assets Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Delivery equipment Office equipment 0 Total plant and equipment Total assets $ 0 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