Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm's worksheet for the year ended December 31, 2019.

INSTRUCTIONS

1. 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.

2. Prepare a statement of owner's equity for the year ended December 31, 2019. No additional investments were made during the period.

3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.

ACCOUNTS

Analyze:
What percentage of total operating expenses is attributable to warehouse expenses?

Transcribed Image Text:

Credit Notes Recelvable, due 2020 Allowance for Doubtful Accounts $3,800 Merchandise Inventory 128,500 Accumulated Depreclation-Warehouse Equipment Accumulated Depreclation-Office Equipment Notes Payable, due 2020 131,400 1,110.300 463,000 Purchases Returns and Allowances Deblt Credlt Warehouse Supplies Expense Depreclation Expense-Warehouse Equipment Salarles Expense-Sales Travel Expense Delivery Expense Salarles Expense-Office Office Supplies Expense Insurance Expense Utulities Expense Telephone Expense Payroll Taxes Expense Bulding Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreclation Expense-Bullding tǐ,1200 3.400 151,700 24,000 37,425 85,000 1,220 9.875 3,280 31,600 3.700 16,400 3,580 5,600 1,80 nterest Expense Totals $1.732,340 $1,732,340