Lite Speed Electronics is a retail store that sells computers and computer supplies. The adjusted trial balance data given below is from the firms worksheet

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.

Accounts

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.

Analyze: What is the gross profit percentage for the period ended December 31,2016?

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