Question
There are 3 required tabs and 1 analyze. please see the attachments for the info needed. This is for the end of year balance sheet.
There are 3 required tabs and 1 analyze. please see the attachments for the info needed. This is for the end of year balance sheet. All information for the study question has been given below. I also added the screenshots
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firms worksheet for the year ended December 31, 2019.
Accounts | Debit | Credit | ||||
Cash | $ | 97,500 | ||||
Petty Cash Fund | 500 | |||||
Notes Receivable, due 2020 | 17,500 | |||||
Accounts Receivable | 138,700 | |||||
Allowance for Doubtful Accounts | $ | 2,300 | ||||
Interest Receivable | 175 | |||||
Merchandise Inventory | 127,000 | |||||
Warehouse Supplies | 1,800 | |||||
Office Supplies | 550 | |||||
Prepaid Insurance | 3,140 | |||||
Land | 14,500 | |||||
Building | 99,500 | |||||
Accumulated DepreciationBuilding | 15,950 | |||||
Warehouse Equipment | 18,300 | |||||
Accumulated DepreciationWarehouse Equipment | 8,750 | |||||
Office Equipment | 7,900 | |||||
Accumulated DepreciationOffice Equipment | 3,150 | |||||
Notes Payable, due 2020 | 13,500 | |||||
Accounts Payable | 55,400 | |||||
Interest Payable | 250 | |||||
Loans PayableLong-Term | 9,500 | |||||
Mortgage Payable | 12,500 | |||||
Colin OBrien, Capital (Jan. 1) | 322,245 | |||||
Colin OBrien, Drawing | 69,150 | |||||
Income Summary | 129,900 | 127,000 | ||||
Sales | 1,080,300 | |||||
Sales Returns and Allowances | 6,900 | |||||
Interest Income | 430 | |||||
Purchases | 448,000 | |||||
Freight In | 8,300 | |||||
Purchases Returns and Allowances | 12,150 | |||||
Purchases Discounts | 7,740 | |||||
Warehouse Wages Expense | 107,100 | |||||
Warehouse Supplies Expense | 4,300 | |||||
Depreciation ExpenseWarehouse Equipment | 1,900 | |||||
Salaries ExpenseSales | 150,200 | |||||
Travel Expense | 22,500 | |||||
Delivery Expense | 35,925 | |||||
Salaries ExpenseOffice | 83,500 | |||||
Office Supplies Expense | 1,070 | |||||
Insurance Expense | 8,375 | |||||
Utilities Expense | 6,500 | |||||
Telephone Expense | 3,130 | |||||
Payroll Taxes Expense | 30,100 | |||||
Building Repairs Expense | 2,200 | |||||
Property Taxes Expense | 14,900 | |||||
Uncollectible Accounts Expense | 2,080 | |||||
Depreciation ExpenseBuilding | 4,100 | |||||
Depreciation ExpenseOffice Equipment | 1,470 | |||||
Interest Expense | 2,500 | |||||
Totals | $ | 1,671,165 | $ | 1,671,165 | ||
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 one year.
Analyze: What percentage of total operating expenses is attributable to warehouse expenses?
Accounts Credit Cash Petty Cash Fund Notes Receivable, due 2020 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance $ 97,500 17,500 138,700 $ 2,300 127,000 1,800 550 14,500 99,500 Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Loans Payable-Long-Term Mortgage Payable Colin O' Brien, Capital (Jan. 1) Colin 0'Brien, Drawing 15,950 3,150 13,500 55,400 9,500 12,500 322,245 69,150 129,900 127,000 1,080,300 ncome Summa 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 Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Proper Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense 448,000 7,740 107,100 1,900 150,200 22,500 35,925 83,500 1,070 8,375 2,200 14,900 2,080 ty Taxes Expense 1,470 2,500 $1,671,165 $1,671,165Step by Step Solution
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