Question

ComputerGeeks. com is a retail store that sells computers, laptops, supplies, and other electronic devices.
The adjusted account data is given below from the year ended December 31, 2019
Accounts Payable		14,140
Accounts Receivable	19,250
Accumulated Depreciation - Building		13,000
Accumulated Depreciation - Delivery Equipment		3,600
Accumulated Depreciation - Office Equipment		2,500
Accumulated Depreciation - Warehouse Equipment		2,300
Allowance for Doubtful Accounts		2,250
Bruce Zaro, Capital		60,940
Bruce Zaro, Drawing	24,000
Building	48,500
Cash	12,200
Delivery Equipment	16,400
Delivery Wages Expense - Sales	26,900
Depreciation Expense—Building	3,000
Depreciation Expense—Delivery Equipment - sales	2,440
Depreciation Expense—Office Equipment	1,020
Depreciation Expense—Warehouse Equipment	1400
Freight In	2,200
Income Summary	33,125	35,400
Insurance Expense	1,500
Interest Expense	1,600
Interest Income		462
Interest Payable		240
Land	7,642
Loans Payable, long-term		4,000
Merchandise Inventory	35,400
Mortgage Payable		15,950
Notes Payable		4,000
Notes Receivable - due 2020	3,200
Office Equipment	6,000
Office Supplies	780
Office Supplies Expense	1,150
Payroll Taxes Expense	15,250
Petty Cash Fund	100
Prepaid Insurance	2,200
Property Taxes Expense	1,750
Purchases	179,600
Purchases Discounts		2,350
Purchases Returns and Allowances		2,520
Salaries Expense—Office	15,900
Salaries Expense—Sales	67,200
Sales		429,800
Sales Returns and Allowances	3,150
Telephone Expense	1,380
Travel and Entertainment Expense - Sales	6,300
Uncollectible Accounts Expense	1,050
Utilities Expense	2,400
Warehouse Equipment	8,000
Warehouse Supplies	775
Warehouse Supplies Expense	1,790
Warehouse Wages Expense	38,900
TOTALS	593,452	593,452

	REQUIRED FOR POINTS:
1	Prepare a classified income statement for the year ended December 31, 2019.
	The expense accounts are classified into sales, warehouse, and administrative expenses.
	Calculate the Gross profit percentage on the income statement.
2	Prepare a statement of owner's equity for the year ended December 31, 2019
	No additional investments were made by the owner during 2019.
3	Prepare a classified balance sheet as of December 31, 2019.
	The mortgage payable extends for more than one year.
	Calculate the current ratio on the balance sheet.

Answer 1