Supplies..... Requirements 1. Prepare Williams' Industries' multi-step income statement. 2. Prepare Williams' Industries' statement of retained earnings. 3. Prepare Williams' Industries' classified balance sheet in report form. P4-42A. Calculate gross profit percentage and current ratio (Learning Objective 7) 20-25 min. The account balances for the year ended December 31, 2010, for Williams Industries are listed next: Sales Revenue....... $322,800 Equipment... 104,000 Cost of Goods Sold................. $158,400 Accumulated Depreciation, Accounts Payable. 16,500 Equipment....... 26,400 Sales Discounts 2,200 Unearned Sales Revenue....... 2,500 Advertising Expense... 12,600 Prepaid Rent............ 1,200 Interest Expense 1,700 Office Salaries Expense..... 52,000 Wages Payable.. 1,600 Accumulated Depreciation, Accounts Receivable. 6,900 Building...... 40,500 Building....... 140,000 Rent Expense. 5,800 Sales Returns and Dividends.. 14,000 Allowances..... 6,700 Cash.............. 7,800 Common Stock 35,000 Retained Earnings. 87.600 Utilities Expense... 10,300 Delivery Expense.. 1,300 Inventory. 16,400 Insurance Expense. 5,700 Commission Expense.. 22,300 Mortgage Payable 37.000 Supplies... 500 ga 600