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Superior Hardwood Company distributes hardwood products to small furniture manufacturers. T below is from the firms worksheet for the year ended December 31, 2019 $ 22,9e8 480 18,680 85,800 Cash Petty Cash Fund Notes Receivable, due 2828 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 2828 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-ters Charles Ronie, Capital (Jan. 1) Charles Ronie, Drawing Incone Surmary Sales Sales Returns and Allowances Interest Income s 4,88e 222,888 2,748 1,380 6,600 34,808 166,880 46,889 13,800 17,288 31,880 45,88 19,808 8,488 19,888 37,880 468 55,808 11,008 358,568 125,888 232,000222,880 1,689,86e 17,880 1,468 755,888 12,688 chases 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 Telephone Expense Payroll Taxes Expense Property Taxes Expense 7,248 9,968 187,688 5,988 4,600 257, 280 28,380 59,138 8,600 69,400 2,888 5,88e 8,890 5,328 53,800 4,480 4,600 7,808 2,880 Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 7,80 $2,502,480 $2,582,488

Complete this question by entering your answers in the tabs below Required 1Required2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehou expenses, selling and general and administrative xpenses Income Stadement Operating revenue Add Sales retums and allowanoes Net sales Cost of goods sold Merchandise inventory January 1, 2019 Delivered cost of purchases Net delivered cost of purchases Total merchandise available for sale Gross proft on sales Operating expenses expenses Selling expenses General and administrative axpenses

Net delivered cost of purchases Total merchandse avilable for sale Gross proft on salers Total warehouse expenses Seling expenses Total selling expenses Totail general and administrative exp Income from operations Other inoome Other expenses Net income for year Required 2

Totals $2,582,488 $2,582,488 Required: 1 Prepare a classified income statement for the year ended December 31, 2019. The ex expenses, selling expenses, and general and administrative expenses. 2 Prepare a statement of owners equity for the year ended December 31, 2019. No add period 3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable e: Analyze: What is the current ratio for this business? Complete this question by entering your answers in the tabs below Required 1 Required 2Required 3 Analyze pare a statement of owners equity for the year ended December 31, 2019. No additional i the period SUPERIOR HARDWOOD COMPANY Statement of Owners Equity < Required! Required 3>

Totals Required: 1 Prepare a classified income statement for the year ended December 31, 2019. Th expenses, selling expenses, and general and administrative expenses. 2 Prepare a statement of owners equity for the year ended December 31, 2019. Na period. 3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payat Analyze: What is the current ratio for this business? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a dassified balance sheet as of December 31, 2019. The mortgage payable exte SUPERIOR HARDWOOD COMPANY Balance Sheet Assets Current assets Prepaid expenses Total current assets Plant and equipment

Expense-Office Equi Interest Expense Totals 2,880 7,000 $2,582,488 $2,50 Required: 1 Prepare a classified income statement for the year ended December 31, expenses, selling expenses, and general and administrative expenses. 2 Prepare a statement of owners equity for the year ended December 31, period. 3. Prepare a classified balance sheet as of December 31, 2019. The mortga Analyze What is the current ratio for this business? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3Analyze What is the current ratio for this business? (Round your answer to 2 decimal pla t ratio Required 3 Analyz ere to search

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Income Statement For the vear ended December 31, 2019 erating revenue S1,689,000 17,000) S1,672,000 Less: Sales returns and allowances Net sales Cost of Merchandise inventory, January 1, 2016 Purchases Freight in Delivered cost of purchases Purchases returns and allowances Purchases discounts Net delivered cost of purchases Total merchandise available for sale Less: Merchandise inventory, December 31, 2016 Cost of Gross profit on sales S232,000 $755,000 12.600 S767,600 60) 17.200 750,400 982,400 (222,000) 760,400 S911,600 erating expenses Warehouse expenses Warehouse wages expense Warehouse supplies expense Depreciation expense-Warehouse S187,600 S5,900 S4,600 quipment Total warehouse expenses Selling expenses Salaries expense- Sales Travel and entertainment expense Delivery wages expense Depreciation expense-Delivery equipment $198,100 S257,200 $20.300 S59,130 Total selling expenses General and administrative expenses Salaries expense-Office Office supplies expense Insurance expense Utilities expense Telephone expense Pavroll taxes expense S345,230 $69,400 2.800 S5,000 S8,090 $53,000 S4,400 S4,600 perty taxes expense Uncollectible accounts expense Depreciation expense-Building Depreciation expense Office equipment Total general and administrative ex Total operating expenses Income from operations Other income Interest income Other expenses Interest expense Net nonoperating expenses Net income for vear S163,210 706,540 S205,060 S1,460 $7,000 (5,540) $199,520

Statement of Owners Equity For the year ended December 31, 2019 Owners, Capital,January 1, 2019 Net income for year Less: Withdrawals for year Increase in capital Owners, Capital, December 31, 2019 S358,560 S199,520 (125,800) 73,720 S432,280 Balance Sheet 31-Dec-19 ssets Current assets Cash Petty cash fund Notes receivable Accounts receivable Less: Allowance for doubtful accounts Merchandise inventory Prepaid expenses Warehouse supplies Office supplies Prepaid insurance $22,900 S400 $10,600 $85,000 4.800 80,200 222,000 S2,740 S1,300 S6,600 10,640 S346,740 Total current assets Plant and equipment $34,000 S119,200 S17,200 $27,800 (8.400)$10,600 Building Less: Accumulated depreciation Warehouse equipment 166,000 (46,800 31,000 (13,800) 45,000 (17,200) 19,000 Less: Accumulated depreciation_ Delivery equipment Less: Accumulated depreciation Office equipment Less: Accumulated depreciation Total plant and equipment Total assets 208,800 S555,540 Liability and Owners Equitv Current liabilities Notes payable Accounts pavable Interest payable Total current liabilities Long-term liailities Mortgage payable Loans payable Total long term liabilities Total liabilities Owners equitv Owners, Capital Total liabilities and owners equit S19,000 S37,800 $460 S57,260 $55,000 $11,000 S66,000 S123,260 $432,280 $555,540

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