Artisan Wines Worksheet Year Ended December 31, 2019 Adjusted Trial Balance Balance Sheet Income Statement Adjustments Trial Balance Credit Debit Debit Credit Account Credit Debit Credit Debit Debit Credit Name 28,386 .00 28, 386. 00 28,386. 00 Cash Accounts 500.00 500.00 500.00 Receivabl e Prepaid Advertisi 320.00 320.00 160.00 480.00 ng Supplies Merchandi 160.00 160.00 140.00 300.00 13,000 .00 15,000 13,000. 15,000. 00 13,000 00 se .00 .00 Inventory 25,000 .00 25,000. 00 25,000. 00 Store Equipment Accumulat 6,000. 00 6,000.0 3,000. 00 ed 3,000.0 Depreciat ion-Store Equipment Office 5,000. 00 5,000.0 0 5,000.0 0 Equipment Accumulat ed 2, 625. 1,125. 00 2,625.0 1,500.0 Depreciat ion- Office 00 Equipment 20,000 .00 20,000. 00 Notes 20,000. 00 Payable, due 2020 2,705. 2,705.0 2,705.0 00 Accounts C Payable 500.00 Wages Payable Social Security 500.00 500.00 31.00 31.00 31.00 Tax Payable Medicare 7.25 7.25 7.25 Tax Payable 2,000. 00 2,000.0 0 Unearned 6,000.0 4,000. 00 Seminar 0 Fees 100.00 100.00 Interest 100.00 Payable Vincent 32,700 .00 32, 700. 00 32,700. 00 Arroyo, Capital Vincent 14,110 ,00 14,110. 00 14,110. 00 Arroyo, Drawing 13,000 00 13,000. 00 15,000. 00 15,000. 00 13,000 .00 15,000 ,00 Income Summary 153,970 .00 153, 970 .00 153,970 .00 Sales 200.00 200.00 Sales 200.00 Discounts 4,000.0 0 4,000.0 C Seminar 4,000. 00 Fee Income 91,000. 00 91,000. 00 91,000. 00 Purchases Purchases 1,000.0 1,000.0 Returns and Allowance 1,000.0 C C 225.00 225.00 Freight 225.00 In 13,200. 00 13,200. 00 13, 200. 00 Rent Expense Wages Expense Payroll 24,500. 00 24,500. 00 24,000 500.00 00 3, 362.2 3,362.2 3, 324.0 38.25 s Expense Depreciat 3,000.0 0 ion 3,000.0 3,000. Expense- C 00 Store Equipment Depreciat 1,125.0 0 ion 1,125.0 1,125. Expense- Office C 00 Equipment Advertisi 160.00 160.00 160.00 ng Expense Supplies Expense Interest 140.00 140.00 140.00 250.00 250.00 100.00 150.00 Expense 86,476 S 66, 668 $ 171,970 $ .25 238,638 S 152,162 37,063 238, 638 37,063 $ .25 220, 875 S 220,875 $ 00 S .00 .00 .25 .00 Totals .25 .25 .25 19, 807 19,807 Net .75 75 Income 171,970 S 86,476 S 171,970 86,476 .00 .00 .00 ,00 Required: 1 Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operating expenses as 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 year 3. Prepare a classified balance sheet as of December 31, 2019 Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below. Analyze Required 2 Required 3 Required 1 Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operatir expenses as selling expenses and general and administrative expenses. (Round your answers to 2 decimal places.) ARTISAN WINES Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 2019 Delivered cost of purchases Net delivered cost of purchases Goods available for sale Net delivered cost of purchases Goods available for sale Cost of goods sold Operating expenses Total operating expenses Income from operations Other income Other expenses Net nonoperating income Prepare a statement of owner's equity for the year ended December 31, 2019. No additional investments were made during the year. (Round your answers to 2 decimal places.) ARTISAN WINES Statement of Owner's Equity Prepare a classified balance sheet as of December 31, 2019. (Round your answers to 2 decimal places.) ARTISAN WINES Balance Sheet Assets Current assets Total current assets Plant and equipment Store equipment Office equipment Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: Total current liabilities Owner's equity Total liabilities and owner's equity What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal places.) times nventory turnover Analyze