Question: Financial statement and closing procedure
Required: 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 period.
3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.
Analyze: What percentage of total operating expenses is attributable to warehouse expenses?
Information related to above question is enclosed below:
Attachment:- Financialstatementandclosingprocedure.rar