Part Two-Completing Financial Statements shown below. A partial adjusted trial balance for Par Golf Carts for the year ended December 31 of the current year is Directions: 1. On page 171 of this test, prepare an income statement down to the gross profit line. Prepare a vertical analysis for (a) cost of merchandise sold and (b) gross profit. Round percentage calculations to the nearest 0.1%. 2. Prepare a statement of stockholders' equity on page 172 of this test. The company has 10,000 shares of $10.00 common stock outstanding and did not issue any shares of stock during the year. 3. Prepare the Assets portion of the balance sheet in report form on page 173 of this test. Par Golf Carts Adjusted Trial Balance December 31, 20-- ACCOUNT TITLE DEBIT CREDIT Cash 26 2 0 0 00 Petty Cash 3 0 0 00 Accounts Receivable 32 1 0 0 00 Allowance for Uncollectible Accounts 2 8 0 0 00 Merchandise Inventory 158 0 0 0 00 Supplies-Office 8 0 0 00 Supplies-Store 1 2 0 0 00 Prepaid Insurance 2 0 0 0 00 Notes Receivable 9 0 0 0 00 Interest Receivable 1 0 0 00 Office Equipment 32 6 0 0 00 Accumulated Depreciation-Office Equipment 12 8 0 0 00 Store Equipment 49 6 0 0 00 Accumulated Depreciation-Store Equipment 22 9 0 0 00 Capital Stock 100 0 0 0 00 Retained Earnings 162 4 0 0 00 Dividends 40 0 0 0 00 Income Summary 4 8 0 0 00 Sales 614 9 0 0 00 Sales Discount 6 1 0 0 00 Sales Returns and Allowances 8 6 0 0 00 Purchases 304 9 0 0 00 Purchases Discount 4 2 0 0 00 Purchases Returns and Allowances 8 4 0 0 00 Federal Income Tax Expense 31 5 0 0 00 Interest Income 4 8 0 00 Totals 753 1 0 0 00 753 1 0 0 00\f\f\f