Good to Go Auto Products distributes automobile parts to ser

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, 2019 Accounts Debit Credit $ 98,700 600 13,500 139,900 Petty Cash Fund Notes Receivable, due 2020 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance $ 3,500 135 128,200 670 4,340 15,700 105,500 Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Loans Payable-Long-Term Mortgage Payable Colin O\'Brien, Capital (Jan. 1) Colin 0\'Brien, Drawing 16,550 19,500 3,750 14,700 56,600 15,500 18,500 323,945 131,100 128,200 1,104,300 ncome Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 460,000 9,500 13,350 8,940 108,300 5,500 3,100 151,400 23,700 37,125 84,700 1,190 9,575 7,700 31,300 16,100 3,280 5,300 1,590 3,700 $1,718,105 $1,718,105

Solution

Good to Go Auto Products
Income Statement
Operating Revenue			1104300
Less : Sales return and allowance			-8100
Net Sales			1096200
Cost of Goods Sold
Merchandise inventory, January 1,2019		128200
Purchases	460000
Freight In	9500
Delivered cost of Purchases	469500
Less: Purchases returns and allowances	13350
Purchase discounts	8940
Net delivered cost of purchases	22290	447210
Total merchandise available for sale			575410
Gross profit on sales				520790
Operating expenses
Warehouse expenses
Warehouse Wages expense		108300
Warehouse Supplies expenses		5500
Depreciation Expense - Warehouse Equipment		3100
Total warehouse expenses			116900
Selling expenses
Salaries Expense		151400
Travel Expense		23700
Delivery Expense		37125
Total selling expenses			212225
General and administrative expenses
Salaray Expense - Office		84700
Office Supplies Expense		1190
Insurance Expense		9575
Utilities Expense		7700
Telephone Expense		3250
Payroll Taxes Expense		31300
Building repairs Expense		3400
Property Taxes Expense		16100
Uncollectible Accounts Expense		3280
Depreciation Expense - Building		5300
Depreciation Expense - Office Equipment		1590
Interest Expense		3700
Total general and administrative expenses			171085
Total operating expenses				500210
Income from operations				20580
Other Income
Interest Income			550	550
Other expenses
Net non operating expenses
Net Income for year				21130