Superlor 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. ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 20x2 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 Delivery Wages Expense Depreciation Expense-Delivery Equipment Salaries Expense-office Office Suppl.es 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 22, 200 500 9,900 78,000 4,100 215,000 2,670 1,230 4,500 27,000 159,000 42,600 27,500 11,700 41,500 15,800 15,500 6,300 18,300 37,100 390 51,500 7,500 285,860 125, 100 225,000 215,000 1,703,000 16,300 1,390 748,000 11,900 6,540 9,260 180, 600 5,200 3,900 250,200 19,600 58, 430 7,900 68,700 2,100 4,300 7,390 4,620 49,500 3,700 3,900 7.100 2,100 6,300 $2,416,340 $2,416,340 ured! 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. 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. SUPERIOR HARDWOOD COMPANY Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 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 Total selling expenses General and administrative expenses Total general and administrative expenses Total Operating expenses Income from operations Other income Other expenses Net nonoperating expenses Net Income for year Required 2 > 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 during the year SUPERIOR HARDWOOD COMPANY Statement of Owner's Equity Assets Current assets Prepaid expenses Total current assets Plant and equipment Building Warehouse equipment Delivery equipment Office equipment Total plant and equipment Total assets Liability and Owner's Equity Current liabilities Total current abilities Long-term abilities Total ongem abilities Total abilities Owner's equly Total abilities 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 101
