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	$	23,900
Petty Cash Fund		600
Notes Receivable, due 2020		11,600
Accounts Receivable		94,000
Allowance for Doubtful Accounts				$	5,800
Merchandise Inventory		232,000
Warehouse Supplies		2,840
Office Supplies		1,400
Prepaid Insurance		9,600
Land		44,000
Building		176,000
Accumulated DepreciationBuilding					52,800
Warehouse Equipment		36,000
Accumulated DepreciationWarehouse Equipment					16,800
Delivery Equipment		50,000
Accumulated DepreciationDelivery Equipment					19,200
Office Equipment		24,000
Accumulated DepreciationOffice Equipment					11,400
Notes Payable, due 2020					20,000
Accounts Payable					38,800
Interest Payable					560
Mortgage Payable					60,000
Loans Payable, Long-term					16,000
Charles Ronie, Capital (Jan. 1)					449,760
Charles Ronie, Drawing		126,800
Income Summary		242,000			232,000
Sales					1,681,000
Sales Returns and Allowances		18,000
Interest Income					1,560
Purchases		765,000
Freight In		13,600
Purchases Returns and Allowances					8,240
Purchases Discounts					10,960
Warehouse Wages Expense		197,600
Warehouse Supplies Expense		6,900
Depreciation ExpenseWarehouse Equipment		5,600
Salaries ExpenseSales		267,200
Travel and Entertainment Expense		21,300
Delivery Wages Expense		60,130
Depreciation ExpenseDelivery Equipment		9,600
Salaries ExpenseOffice		70,400
Office Supplies Expense		3,800
Insurance Expense		6,000
Utilities Expense		9,090
Telephone Expense		6,320
Payroll Taxes Expense		58,000
Property Taxes Expense		5,400
Uncollectible Accounts Expense		5,600
Depreciation ExpenseBuilding		8,800
Depreciation ExpenseOffice Equipment		3,800
Interest Expense		8,000
Totals	$	2,624,880		$	2,624,880

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?

its Net sales of goods sold 2018 erence livered cost of purchases on sales and admir strative oxpenses