Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial

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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, 2016.

Accounts


Good to Go Auto Products distributes automobile parts to service


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 long-term notes extend for more than one year.
Analyze: What percentage of total operating expenses is attributable to warehouseexpenses?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  book-img-for-question

College Accounting A Contemporary Approach

ISBN: 978-0077639730

3rd edition

Authors: David Haddock, John Price, Michael Farina

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