ComputerGeeks.com is a retail store that sells computers, laptops, supplies, and other electronic devices. The adjusted trial balance data given below 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 is the gross profit percentage for the period ended December 31, 2019?

Transcribed Image Text:

Credlt $12,200 100 3,200 19,250 Cash Petty Cash Fund Notes Recelvable, due 2020 Accounts Recelvable Allowance for Doubtful Accounts Merchandlse Inventory Warehouse Supples Office Supplles Prepald Insurance Land $2,250 35,400 780 7,642 48,500 Accumulated Depreclation-Bullding Warehouse Equipment Accumulated Depreclation-Warehouse Equipment Dellvery Equlpment Accumulated Depreclation-Delvery Equipment Office Equipment Accumulated Depreclation-Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Bruce Zaro, Capital (Jan. 1) 13,000 8,000 16,400 3,600 6,000 2,500 4,000 14,140 240 15,950 4,000 60,940 Bruce Zaro, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Frelght In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplles Expense Depreclation Expense-Warehouse Equipment Salarles Expense-Sales Travel and Entertalnment Expense Dellvery Wages Expense Depreclation Expense-Dellvery Equipment Salarles Expense-Office Office Supplles Expense nsurance Expense Utilitles Expense Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreclation Expense-Bullding Depreclation Expense-Office Equipment Interest Expense Totals 24,000 33,125 35,400 429,800 3,150 462 179,600 2,200 2,520 2,350 38,900 1,790 1,400 67,200 6,300 26,900 2,440 15,900 1,150 1,500 2,400 1,380 15,250 1,750 1,050 3,000 1,020 1,600 $593,452 $593,452