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, 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 one year.
ACCOUNTS
| Debit | Credit |
Cash | $ 10,200 |
|
Petty Cash Fund | 100 |
|
Notes Receivable | 3,200 |
|
Accounts Receivable | 21,250 |
|
Allowance for Doubtful Accounts |
| $ 2,250 |
Merchandise Inventory | 35,400 |
|
Warehouse Supplies | 775 |
|
Office Supplies | 780 |
|
Prepaid Insurance | 2,200 |
|
Land | 7,642 |
|
Building | 48,500 |
|
Accum. Depr.—Building |
| 13,000 |
Warehouse Equipment | 8,000 |
|
Accumulated Depreciation—Warehouse Equipment |
| 2,300 |
Delivery Equipment | 16,400 |
|
Accumulated Depreciation—Delivery Equipment |
| 3,600 |
Office Equipment | 6,000 |
|
Accumulated Depreciation—Office Equipment |
| 2,500 |
Notes Payable |
| 5,000 |
Accounts Payable |
| 13,140 |
Interest Payable |
| 240 |
Mortgage Payable |
| 15,950 |
Loans Payable |
| 4,000 |
Toshi Takahashi, Capital (Jan. 1) |
| 60,940 |
Toshi Takahashi, Drawing | 24,000 |
|
Income Summary | 33,125 | 35,400 |
Sales |
| 429,800 |
Sales Returns and Allowances | 3,150 |
|
Interest Income |
| 462 |
Purchases | 179,600 |
|
Freight In | 2,200 |
|
Purchases Returns and Allowances |
| 2,520 |
Purchases Discounts |
| 2,350 |
Warehouse Wages Expense | 38,900 |
|
Warehouse Supplies Expense | 1,790 |
|
Depreciation Expense—Warehouse Equipment | 1,400 |
|
Salaries Expense—Sales | 67,200 |
|
Travel and Entertainment Expense | 6,300 |
|
Delivery Wages Expense | 26,900 |
|
Depreciation Expense—Delivery Equipment | 2,440 |
|
Salaries Expense—Office | 15,900 |
|
Office Supplies Expense | 1,150 |
|
Insurance Expense | 1,500 |
|
Utilities Expense | 2,400 |
|
Telephone Expense | 1,380 |
|
Payroll Taxes Expense | 15,250 |
|
Property Taxes Expense | 1,750 |
|
Uncollectible Accounts Expense | 1,050 |
|
Depreciation Expense—Building | 3,000 |
|
Depreciation Expense—Office Equipment | 1,020 |
|
Interest Expense | 1,600 |
|
Totals | $593,452 | $593,452 |
Analyze: What is the gross profit percentage for the period ended December 31, 2013?
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