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Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm's worksheet for the year ended December 31, 2019 Credit $ 22,498 688 18,188 88,808 Petty Cash Fund Notes Receivable, due 2828 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2828 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Charles Ronie, Capital (Jan. 1) Charles Ronie, Drawing Income $4,308 217,800 5,188 29,808 ding 28,588 42,588 16, 5e0 43,888 12,308 16, 298 6,90e 18, 5e8 37,300 52,588 8,508 386,768 125,38e 227,808 16,508 758,8e8 12,188 217,80e 1,699,88e Sales Returns and Allowances Interest Income 1,418 Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel and Entertainment Expense Delivery Depreciation Expense-Delivery Equipment Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-office Equipment Interest Expense Totals 6,748 182,600 4,188 252, 288 19,888 58,638 8,188 68,988 Wages Expense 4,588 7,598 4, 828 5,588 4,188 7,308 6,588 $2,441,888 $2,441,888 Requlrec 1. Prepare a classified income statement for the year ended December 31, 2019. 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, 2019. No additional investments were made during the IO 3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year Analyze: What is the current ratio for this business

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