The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firms general ledger contained the accounts and balances below. All account balances are normal.

Required:

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.

Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the year.

Prepare a classified balance sheet as of December 31, 2019.

Analyze: What is the inventory turnover for Artisan Wines?

Office Updato To koop up-to -date with socurity uplates, fixes, and Improvements, choose Check for Updates. 031 Year Enderd December 31, 2019 Ad ustments Adjusted Trial Balance Income Staterment halance Short Trial Balance Credit Credit DebiCrodit 27,886.00 Account Name Debit 2789600 430 920 27886 00 S Acoounts Receivable s Propaid Advertising 1,38000 250 920 75 11,50000 22 500.00 460 175 1500.00 1.50000 22 500.0 8 Machindise Inventory 9 Store Equipment 0 Accumalated Deprecistion Store Equipement 11 Office 2,500.00 5.500.00 4.500.00 950 450.00 500.00 2 400.00 13 Notes Poable, due 2020 14 Accounts Payable s Wa 31 6 Social Sccurity Tax Paysble 7 Medicare Tax Payable 31 1.25 725 ,500.00 3,000.00 87.5 34950 00 950 4,950.0 Vincent Arroyo Drawing 1 4,500.00 4.500.00 Seminar Fee Income Purchasos Retums and Allowanees 175 23 Rent 00.00 23,500 Depeeciation Expensc Office Equinment 4 Advertib Expense 950 187.5 213,02300 213.025.00 34.210.15 |229.100.75:147,659 75 075 164,42000|81,441.00 64.6so 75 16.760 25 164,420.00 164,420.00 81,441.00 8144100