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 23,800 500 11,500 93,000 $ 231, 800 2,830 1,390 9,300 43,000 175,000 5,700 5 52,200 35,500 16,500 49,500 19,000 23,500 ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 28x2 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 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 11,100 19,900 38,700 550 59,500 15,500 443,260 126,700 241,000 231,000 1,679, 800 17.900 1,550 764,000 13,500 8,140 10, 860 196,600 6,800 5,500 266, 200 21,200 Prey 1 of 5 !! Next > 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 6,800 5,500 266, 200 21,200 60,30 9,500 70,300 3,700 5,900 8,990 6,220 57.500 5,300 5,500 8,700 3,789 7.900 $2,612, 460 $2,612, 460 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? 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, 20X1. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. look Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required Analyze Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year SUPEFOR HARDWOOD COMPANY Statement of Owners Equity 0 5 0 Analyze: What is the current ratio for this business? Complete this question by entering your answers in the tabs below. 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