(Answered) Question financial statement and closing procedurerequired

Accounting

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?

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Attachment:- Financialstatementandclosingprocedure.rar

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