College Accounting 2nd Edition by David Haddock, John Price,Michael Farina

Exercise 41

Preparing classified financial statements.
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, 2013.
INSTRUCTIONS
1. Prepare a classified income statement for the year ended December 31, 2013. 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, 2013. No additional investments were made during the period.
3. Prepare a classified balance sheet as of December 31, 2013. The mortgage and the long-term notes extend for more than one year.
ACCOUNTS


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