Problem

Preparing classified financial statements.Lite Speed Electronics is a retail store that se...

Preparing classified financial statements.

Lite Speed Electronics is a retail store that sells computers and computer supplies. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2016.

INSTRUCTIONS

1. Prepare a classified income statement for the year ended December 31, 2016. 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, 2016. No additional investments were made during the period.
3. Prepare a classified balance sheet as of December 31, 2016. The mortgage and the loans extend for more than one year.

ACCOUNTS