Question 3 Presented below is the adjusted trial balance of Katie's Pet Supplies as at its fiscal year end, November 30, 2017. All accounts are their normal balance (debit or credit). Katie's uses the periodic inventory system. Accounts payable.. Accounts receivable .. Accum. depreciation, Building Accum. depreciation, equipment. Advertising expense. $32,310 13,770 61,200 19,880 1,000 7,500 K. Milani, Drawings....12,00 Long-term note receivable 15,000 Merchandise inventory 34,360 Mortgage payable, 106,000 Building... Purchases Property Tax expense. 3,500 634,700 14,000 57,000 8,200 9,000 5,300 Salaries payable. 8,500 Sales discounts. Sales returns and allowances. 9,845 ..8250 Insurance expense. 872,000 3,000 19,800 Utilities Expense expense Freight in 5,060 Purchase return and Allowance 13,315 Additional Information: 1. Katie's pet supplies uses periodic inventory 2. Physical count determined that the merchandise on hand at Nov 30, 2017 was $37,350. 3. On the Mortgage payable 8500 is due on March 31, 2018 Instruction: a. Prepare the multistep Income Statement, Statement of Owners Equity, and Classified Balance Sheet b. Calculate the Inventory turnover and Liquidity ratio