50.1K

Verified Solution

Link Copied!

20 y ce 100 Good to Go Auto Products distributes automobile ports to serve Nations and repair shops. Thesed banice det follows from the worksheet for the year ended December 20XL Acco De CAIN 3700 Petty Cash Fund Notes Heceivable, due 202 15,500 Accounts Receivable 134,100 Allowance for Doubtful Account . Interest Receivable 2.500 155 Merchandise Inventory 127,200 warehouse plus Office Supplies 2.600 STO Prepaid Thur 3,34 Land 14,700 Building 106,500 Accumulated Deprecat-uling 36,650 Warehouse Cont 15,500 Accumulated Depreciation Warehouse Equit 3,50 Office Equipe Aclared Depreciation office Equipment 3,250 Note Payale 2 13.700 Accounts Payable 03.60 Interest Payable 270 Notes Payable, Long-Ters 10,500 Mortgage Payante 13.500 Colin o'rin, Capital Jan 1) 322.275 Colin O'Brien, Drawing 6,350 Inco Suary 136,100 127,200 1,664,300 Sales Returns and Alime Interest Income Purch 450,000 Freight TR , Purchaseuns and Alles 11, 350 Hurchases on 7. Warehouse Wages Expense 197.300 Warehouse Supplies Cape 4.500 Deration Warehouse -2,160 Salaries Expen- 150,400 Travel Expense 22.700 Dieses 12 7.100 2 3 1. 8,575 . 3.18 20 IN Salaries Erotic ories Expense Inwarance DE ES Telephone E Parul Taze Rupee Burime Experne Property TRS en Decollectie Accounts Expense Depreciation Eng Depreciation Expense office Equipe Interest Exp Totale 7.400 15, 10 2.250 4.-100 1.490 27 SITO, 235 31,6,735 Required: Prepere che income Matement for the year ended December 20X1. The expenses represent warehouse expensesseling 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 2. Prepare a classified balance sheets of December 2011 Themengewable extends for more than one ye Analyse What percentage of total operating expenses is baie to warehouse expenses! Complete this question by entering your answers in the tabs below Anale Prepare a desfied income statement for the year ended December 31, 2016. The expone accounts on warehouse pen, sino expenses, and general and administrative penses GOOD TO DO ALTO PRODUCTS 2 Cente Merchandy XL Dar cewe passe Nous Tender 3 De Opg Whe Sep Tags 2 Total ng expens General and active expenses 20 point ebook References $ 0 d Total general and administrative expenses Total operang expenses income from operations Other income 5 0 Other expenses Net nonoperating expenses Net income for year What percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. erences Required 1 Required 2 Required s Analyze Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year. GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 5 0 Assets Cum Prepaid expenses 5 0 Total current at plant and equipment Buiting Warehouse equipment Otice equipment Tocal plant and woment Total Liability and Owner's Equity 5 twork Problem Chapter Occount Total art and o $ 0 Liability and Owner's Equy One Total curren Babes Long-term $ Tulong-temas Totallas Owners equity $ Total and uner's guy 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, 20X1. Credit $ Debit 97,700 600 16,500 138, 900 $ 2,500 165 127,200 2,000 570 3,340 14,700 100, 500 16,050 Accounts 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 Accumulated Depreciation-office Equipment Notes Payable, due 20x2 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Thornet 18,500 8,850 8, 100 3,250 13,700 55,600 270 10,500 13,500 322, 275 69, 350 130, 100 127,200 1,084,300 7.100 Thrnumo 16 Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-office office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-office Equipment Interest Expense Totals 7, 100 450 450,000 8,500 12,350 7,940 107, 300 4,500 2, 100 150, 400 22, 700 36, 125 83, 700 1, 090 8,575 6, 700 3, 150 30, 300 2,400 15, 100 2,280 4,300 1,490 2,700 $1,678, 735 $1,678, 735 Required: 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, Analyze: what percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze What percentage of total operating expenses is attributable to warehouse expenses? (Round your answer to 2 decimal places) The percentage attributable to warehouse expense is 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. GOOD TO GO AUTO PRODUCTS Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases $ 0 Net delivered cost of purchases Total merchandise available for sale 0 0 $ 0 0 $ Gross profit on sales Operating expenses GOOD TO GO AUTO PRODUCTS Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases $ 0 0 Net delivered cost of purchases Total merchandise available for sale 0 $ 0 0 $ 0 Gross profit on sales Operating expenses $ 0 Gross profit on sales Operating expenses Warehouse expenses $ 0 Total warehouse expenses Selling expenses $ $ 0 Total selling expenses General and administrative expenses Total selling expenses General and administrative expenses $ 0 $ Total general and administrative expenses Total operating expenses Income from operations Other income $ 0 Other expenses Net nonoperating expenses Net income for year $ $ 0 GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 $ $ 0 Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one year. GOOD TO GO AUTO PRODUCTS Balance Sheet LUULUU HUUMUUULI Balance Sheet Assets Current assets Prepaid expenses 0 $ 0 Total current assets Plant and equipment Building Warehouse equipment Office equipment Warehouse equipment Office equipment 0 $ 0 Total plant and eqipment Total assets Liability and Owner's Equity Current liabilities $ 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities $ 0 Owner's equity Total liabilities and owner's equity $ $ 0 0 What percentage of total operating expenses is attributable to warehouse expenses places.) The percentage attributable to warehouse expense is % Credit $ Debit 97,700 600 16,500 138,900 $ 2,500 165 127, 200 2,000 570 3,348 14,700 100, 500 16,05 18,500 8,850 8, 100 Accounts 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 Accumulated Depreciation-Office Equipment Notes Payable, due 28x2 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Fynense 3, 250 13, 700 55, 600 270 10, 500 13,500 322, 275 69, 350 138, 100 127,200 1,084,300 7, 180 450 450,000 8,500 12,350 7,940 107, 300 4,500 2, 100 150, 400 29 7A9 Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 69, 358 130, 100 127,200 1,084,300 7,100 450 450,000 8,500 12,350 7,940 107, 300 4,500 2,100 150, 400 22, 700 36, 125 83, 700 1,090 8,575 6,700 3, 150 30, 300 2,400 15, 100 2,280 4, 300 1,490 2,700 $1,678, 735 $1,678, 735 Required: 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 GOOD TO GO AUTO PRODUCTS Incorne Sumant Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases 0 0 Net delivered cost of purchases Total merchandise available for sale 0 $ 0 0 0 Gross profit on sales Operating expenses Warehouse expenses Total warehouse Anenses Total warehouse expenses $ 0 Seling expenses Total selling expenses General and administrative expenses $ 0 0 0 Total general and administrative expenses Total operating expenses Income from operations Other income $ Other expenses General and administrative expenses $ 0 Total general and administrative expenses Total operating expenses Income from operations Other income 0 Other expenses $ 0 Net nonoperating expenses Net income for year $ 0 GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 $ 0 GOOD TO GO AUTO PRODUCTS Balance Sheet Assets Current assets Prepaid expenses $ 0 Total current assets Plant and equipment Building Warehouse equipment Office equipment 0 Total plant and eqipment Total assets 0 $ Total current assets Plant and equipment Building Warehouse equipment Office equipment Total plant and eqipment Total assets $ 0 Liability and Owner's Equity Current liabilities Total current liabilities $ 0 Long-term liabilities O Total long-term liabilities Total liabilities Owner's equity Total liabilities and owner's equity 0 What percentage of total operating expenses is attributable to warehouse expenses? places.) The percentage attributable to warehouse expense is % 20 y ce 100 Good to Go Auto Products distributes automobile ports to serve Nations and repair shops. Thesed banice det follows from the worksheet for the year ended December 20XL Acco De CAIN 3700 Petty Cash Fund Notes Heceivable, due 202 15,500 Accounts Receivable 134,100 Allowance for Doubtful Account . Interest Receivable 2.500 155 Merchandise Inventory 127,200 warehouse plus Office Supplies 2.600 STO Prepaid Thur 3,34 Land 14,700 Building 106,500 Accumulated Deprecat-uling 36,650 Warehouse Cont 15,500 Accumulated Depreciation Warehouse Equit 3,50 Office Equipe Aclared Depreciation office Equipment 3,250 Note Payale 2 13.700 Accounts Payable 03.60 Interest Payable 270 Notes Payable, Long-Ters 10,500 Mortgage Payante 13.500 Colin o'rin, Capital Jan 1) 322.275 Colin O'Brien, Drawing 6,350 Inco Suary 136,100 127,200 1,664,300 Sales Returns and Alime Interest Income Purch 450,000 Freight TR , Purchaseuns and Alles 11, 350 Hurchases on 7. Warehouse Wages Expense 197.300 Warehouse Supplies Cape 4.500 Deration Warehouse -2,160 Salaries Expen- 150,400 Travel Expense 22.700 Dieses 12 7.100 2 3 1. 8,575 . 3.18 20 IN Salaries Erotic ories Expense Inwarance DE ES Telephone E Parul Taze Rupee Burime Experne Property TRS en Decollectie Accounts Expense Depreciation Eng Depreciation Expense office Equipe Interest Exp Totale 7.400 15, 10 2.250 4.-100 1.490 27 SITO, 235 31,6,735 Required: Prepere che income Matement for the year ended December 20X1. The expenses represent warehouse expensesseling 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 2. Prepare a classified balance sheets of December 2011 Themengewable extends for more than one ye Analyse What percentage of total operating expenses is baie to warehouse expenses! Complete this question by entering your answers in the tabs below Anale Prepare a desfied income statement for the year ended December 31, 2016. The expone accounts on warehouse pen, sino expenses, and general and administrative penses GOOD TO DO ALTO PRODUCTS 2 Cente Merchandy XL Dar cewe passe Nous Tender 3 De Opg Whe Sep Tags 2 Total ng expens General and active expenses 20 point ebook References $ 0 d Total general and administrative expenses Total operang expenses income from operations Other income 5 0 Other expenses Net nonoperating expenses Net income for year What percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. erences Required 1 Required 2 Required s Analyze Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year. GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 5 0 Assets Cum Prepaid expenses 5 0 Total current at plant and equipment Buiting Warehouse equipment Otice equipment Tocal plant and woment Total Liability and Owner's Equity 5 twork Problem Chapter Occount Total art and o $ 0 Liability and Owner's Equy One Total curren Babes Long-term $ Tulong-temas Totallas Owners equity $ Total and uner's guy 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, 20X1. Credit $ Debit 97,700 600 16,500 138, 900 $ 2,500 165 127,200 2,000 570 3,340 14,700 100, 500 16,050 Accounts 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 Accumulated Depreciation-office Equipment Notes Payable, due 20x2 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Thornet 18,500 8,850 8, 100 3,250 13,700 55,600 270 10,500 13,500 322, 275 69, 350 130, 100 127,200 1,084,300 7.100 Thrnumo 16 Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-office office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-office Equipment Interest Expense Totals 7, 100 450 450,000 8,500 12,350 7,940 107, 300 4,500 2, 100 150, 400 22, 700 36, 125 83, 700 1, 090 8,575 6, 700 3, 150 30, 300 2,400 15, 100 2,280 4,300 1,490 2,700 $1,678, 735 $1,678, 735 Required: 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, Analyze: what percentage of total operating expenses is attributable to warehouse expenses? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze What percentage of total operating expenses is attributable to warehouse expenses? (Round your answer to 2 decimal places) The percentage attributable to warehouse expense is 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. GOOD TO GO AUTO PRODUCTS Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases $ 0 Net delivered cost of purchases Total merchandise available for sale 0 0 $ 0 0 $ Gross profit on sales Operating expenses GOOD TO GO AUTO PRODUCTS Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases $ 0 0 Net delivered cost of purchases Total merchandise available for sale 0 $ 0 0 $ 0 Gross profit on sales Operating expenses $ 0 Gross profit on sales Operating expenses Warehouse expenses $ 0 Total warehouse expenses Selling expenses $ $ 0 Total selling expenses General and administrative expenses Total selling expenses General and administrative expenses $ 0 $ Total general and administrative expenses Total operating expenses Income from operations Other income $ 0 Other expenses Net nonoperating expenses Net income for year $ $ 0 GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 $ $ 0 Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one year. GOOD TO GO AUTO PRODUCTS Balance Sheet LUULUU HUUMUUULI Balance Sheet Assets Current assets Prepaid expenses 0 $ 0 Total current assets Plant and equipment Building Warehouse equipment Office equipment Warehouse equipment Office equipment 0 $ 0 Total plant and eqipment Total assets Liability and Owner's Equity Current liabilities $ 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities $ 0 Owner's equity Total liabilities and owner's equity $ $ 0 0 What percentage of total operating expenses is attributable to warehouse expenses places.) The percentage attributable to warehouse expense is % Credit $ Debit 97,700 600 16,500 138,900 $ 2,500 165 127, 200 2,000 570 3,348 14,700 100, 500 16,05 18,500 8,850 8, 100 Accounts 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 Accumulated Depreciation-Office Equipment Notes Payable, due 28x2 Accounts Payable Interest Payable Notes Payable, Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Fynense 3, 250 13, 700 55, 600 270 10, 500 13,500 322, 275 69, 350 138, 100 127,200 1,084,300 7, 180 450 450,000 8,500 12,350 7,940 107, 300 4,500 2, 100 150, 400 29 7A9 Colin O'Brien, Drawing Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 69, 358 130, 100 127,200 1,084,300 7,100 450 450,000 8,500 12,350 7,940 107, 300 4,500 2,100 150, 400 22, 700 36, 125 83, 700 1,090 8,575 6,700 3, 150 30, 300 2,400 15, 100 2,280 4, 300 1,490 2,700 $1,678, 735 $1,678, 735 Required: 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 GOOD TO GO AUTO PRODUCTS Incorne Sumant Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases 0 0 Net delivered cost of purchases Total merchandise available for sale 0 $ 0 0 0 Gross profit on sales Operating expenses Warehouse expenses Total warehouse Anenses Total warehouse expenses $ 0 Seling expenses Total selling expenses General and administrative expenses $ 0 0 0 Total general and administrative expenses Total operating expenses Income from operations Other income $ Other expenses General and administrative expenses $ 0 Total general and administrative expenses Total operating expenses Income from operations Other income 0 Other expenses $ 0 Net nonoperating expenses Net income for year $ 0 GOOD TO GO AUTO PRODUCTS Statement of Owner's Equity 0 $ 0 GOOD TO GO AUTO PRODUCTS Balance Sheet Assets Current assets Prepaid expenses $ 0 Total current assets Plant and equipment Building Warehouse equipment Office equipment 0 Total plant and eqipment Total assets 0 $ Total current assets Plant and equipment Building Warehouse equipment Office equipment Total plant and eqipment Total assets $ 0 Liability and Owner's Equity Current liabilities Total current liabilities $ 0 Long-term liabilities O Total long-term liabilities Total liabilities Owner's equity Total liabilities and owner's equity 0 What percentage of total operating expenses is attributable to warehouse expenses? places.) The percentage attributable to warehouse expense is %