Wood Design 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 31,2013,
INSTRUCTIONS
1, Prepare a classified income statement for the year ended December 31,2013, 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 31,2013, No additional investments were made during the period,
3, Prepare a classified balance sheet as of December 31,2013, The mortgage and the loans extend for more than a year,

Analyze: What is the current ratio for this business?

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ACCOUNTS Debit Credit Cash Petty Cash Fund Notes Receivable 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 Accounts Payablé Interest Payable Mortgage Payable Loans Payable, Long-term Chuck Kirby, Capital (Jan. 1) Chuck Kirby, Drawing Income Summary $ 23,100 400 10,800 86,164 $ 5,000 224,000 2,760 1,320 7,200 36,000 168,000 32,000 46,000 20,000 48,000 14,400 17,600 9,000 19,200 38,000 480 56,000 12,000 397,640 126,000 234,000 224,000 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 Supplies Expense Insurance Expense Utilities Expense 1,665,884 17,200 1,480 757,000 12,800 7440 10,160 189,600 6,100 4,800 259,200 20,500 59,330 8,800 69,600 3,000 5,200 8,290 Debit Credit Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 5,520 54,000 4,600 4,800 8,000 3,000 7,200 $2,526,284 $2,526,284