Hog Wild is a retail firm that sells motorcycles, parts, and accessories. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 20X1.

INSTRUCTIONS
1. Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1. No additional investments were made during the year.
3. Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one year.

ACCOUNTS

ACCOUNTS (CONT.)

Analyze: 

What is the inventory turnover for Hog Wild?

Transcribed Image Text:

Cash Petty Cash Fund Notes Receivable, due 20X2 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Debit $ 14,350 200 6,000 54,600 200 87,915 3,700 1,800 6,900 20,400 53,100 24,000 12,800 $ Credit 5,000 8,400 4,000