ComputerGeeks.com is a retail store that sells computers, laptops, supplies, and other electronic devices. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 20X1.
1. Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1. No additional investments were made during the year.
3. Prepare a classified balance sheet as of December 31, 20X1. The mortgage payable extends for more than one year.
Analyze: What is the gross profit percentage for the year ended December 31, 20X1?