Problem $13\mathrm{.}2$A $($Algo$)$ Preparing classified financial statements. LO $13-1,13-2,13-3$

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 $31,20$X$1.$

AccountsDebitCreditCash$ $97,900$Petty Cash Fund$400$Notes Receivable, due $20$X$215,500$Accounts Receivable$139,100$Allowance for Doubtful Accounts$$$ $2,700$Interest Receivable$155$Merchandise Inventory$127,400$Warehouse Supplies$2,200$Office Supplies$590$Prepaid Insurance$3,540$Land$14,900$Building$101,500$Accumulated Depreciation$$Building$16,150$Warehouse Equipment$18,700$Accumulated Depreciation$$Warehouse Equipment$8,950$Office Equipment$8,300$Accumulated Depreciation$$Office Equipment$3,350$Notes Payable, due $20$X$213,900$Accounts Payable$55,800$Interest Payable$290$Notes Payable, Long$-$Term$11,500$Mortgage Payable$14,500$Colin O$$Brien$,$ Capital $($January $1)322,005$Colin O$$Brien$,$ Drawing$69,550$Income Summary$130,300127,400$Sales$1,088,300$Sales Returns and Allowances$7,300$Interest Income$470$Purchases$452,000$Freight In$8,700$Purchases Returns and Allowances$12,550$Purchases Discounts$8,140$Warehouse Wages Expense$107,500$Warehouse Supplies Expense$4,700$Depreciation Expense$$Warehouse Equipment$2,300$Salaries Expense$$Sales$150,600$Travel Expense$22,900$Delivery Expense$36,325$Salaries Expense$$Office$83,900$Office Supplies Expense$1,110$Insurance Expense$8,775$Utilities Expense$6,900$Telephone Expense$3,170$Payroll Taxes Expense$30,500$Building Repairs Expense$2,600$Property Taxes Expense$15,300$Uncollectible Accounts Expense$2,480$Depreciation Expense$$Building$4,500$Depreciation Expense$$Office Equipment$1,510$Interest Expense$2,900$Totals$ $1,686,005$$ $1,686,005$

Required:

Prepare a classified income statement for the year ended December $31,20$X$1.$ The operating expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. Please note that the January $1$ Merchandise Inventory balance is located in the debit column of the Income Summary account on the adjusted trial balance.

Prepare a statement of owner$$s equity for the year ended December $31,20$X$1.$ No additional investments were made during the year.

Prepare a classified balance sheet as of December $31,20$X$1.$ The mortgage payable extends for more than one year.

Analyze:

What percentage of total operating expenses is attributable to warehouse expenses?