Problem 13.3A (Algo) Preparing classified financial statements. LO 13-1, 13-2, 13-3 The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firms general ledger contained the accounts and balances below. All account balances are normal. Artisan Wines Worksheet Year Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 27,686.00 $ 27,686.00 $ 27,686.00 Accounts Receivable 430.00 430.00 430.00 Prepaid Advertising 1,500.00 500.00 1,000.00 1,000.00 Supplies 230.00 165.00 65.00 65.00 Merchandise Inventory 14,300.00 11,300.00 14,300.00 11,300.00 11,300.00 Store Equipment 21,500.00 21,500.00 21,500.00 Accumulated DepreciationStore Equipment 2,300.00 2,950.00 5,250.00 5,250.00 Office Equipment 4,300.00 4,300.00 4,300.00 Accumulated DepreciationOffice Equipment 1,430.00 930.00 2,360.00 2,360.00 Notes Payable, due 20X2 16,500.00 16,500.00 16,500.00 Accounts Payable 2,005.00 2,005.00 2,005.00 Wages Payable 360.00 360.00 360.00 Social Security Tax Payable 22.32 22.32 22.32 Medicare Tax Payable 5.22 5.22 5.22 Unearned Seminar Fees 3,900.00 2,600.00 1,300.00 1,300.00 Interest Payable 82.50 82.50 82.50 Vincent Arroyo, Capital 35,610.00 35,610.00 35,610.00 Vincent Arroyo, Drawing 13,410.00 13,410.00 13,410.00 Income Summary 14,300.00 11,300.00 14,300.00 11,300.00 14,300.00 11,300.00 Sales 146,970.00 146,970.00 146,970.00 Sales Discounts 130.00 130.00 130.00 Seminar Fee Income 2,600.00 2,600.00 2,600.00 Purchases 87,500.00 87,500.00 87,500.00 Purchases Returns and Allowances 930.00 930.00 930.00 Freight In 155.00 155.00 155.00 Rent Expense 12,500.00 12,500.00 12,500.00 Wages Expense 23,300.00 360.00 23,660.00 23,660.00 Payroll Taxes Expense 2,624.00 30.60 2,651.54 2,651.54 Depreciation ExpenseStore Equipment 2,950.00 2,950.00 2,950.00 Depreciation ExpenseOffice Equipment 930.00 930.00 930.00 Advertising Expense 500.00 500.00 500.00 Supplies Expense 165.00 165.00 165.00 Interest Expense 80.00 82.50 162.50 162.50 Totals $ 209,645.00 $ 209,645.00 $ 33,258.10 $ 33,258.10 $ 225,338.10 $ 225,338.10 $ 145,647.10 $ 161,800.00 $ 79,691.00 $ 63,538.10 Net Income 16,195.96 16,195.96 $ 161,800.00 $ 161,800.00 $ 79,691.00 $ 79,691.00 Required: Prepare a classified income statement for the year ended December 31, 20X1. The company does not classify its operating expenses as selling expenses and general and administrative expenses. Prepare a statement of owners equity for the year ended December 31, 20X1. No additional investments were made during the year. Prepare a classified balance sheet as of December 31, 20X1?