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. Artisan Wines Worksheet Year Ended December 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 28,686.00 $ 28,686.00 $ 28,686.00 Accounts Receivable 530.00 530.00 530.00 Prepaid Advertising 660.00 220.00 440.00 440.00 Supplies 330.00 215.00 115.00 115.00 Merchandise Inventory 15,300.00 12,300.00 15,300.00 12,300.00 12,300.00 Store Equipment 26,500.00 26,500.00 26,500.00 Accumulated DepreciationStore Equipment 3,300.00 3,200.00 6,500.00 6,500.00 Office Equipment 5,300.00 5,300.00 5,300.00 Accumulated DepreciationOffice Equipment 1,530.00 1,030.00 2,560.00 2,560.00 Notes Payable, due 2020 21,500.00 21,500.00 21,500.00 Accounts Payable 3,005.00 3,005.00 3,005.00 Wages Payable 500.00 500.00 500.00 Social Security Tax Payable 31.00 31.00 31.00 Medicare Tax Payable 7.25 7.25 7.25 Unearned Seminar Fees 6,900.00 4,600.00 2,300.00 2,300.00 Interest Payable 107.50 107.50 107.50 Vincent Arroyo, Capital 32,070.00 32,070.00 32,070.00 Vincent Arroyo, Drawing 14,410.00 14,410.00 14,410.00 Income Summary 15,300.00 12,300.00 15,300.00 12,300.00 15,300.00 12,300.00 Sales 156,970.00 156,970.00 156,970.00 Sales Discounts 230.00 230.00 230.00 Seminar Fee Income 4,600.00 4,600.00 4,600.00 Purchases 92,500.00 92,500.00 92,500.00 Purchases Returns and Allowances 1,030.00 1,030.00 1,030.00 Freight In 255.00 255.00 255.00 Rent Expense 13,500.00 13,500.00 13,500.00 Wages Expense 24,300.00 500.00 24,800.00 24,800.00 Payroll Taxes Expense 3,624.00 38.25 3,662.25 3,662.25 Depreciation ExpenseStore Equipment 3,200.00 3,200.00 3,200.00 Depreciation ExpenseOffice Equipment 1,030.00 1,030.00 1,030.00 Advertising Expense 220.00 220.00 220.00 Supplies Expense 215.00 215.00 215.00 Interest Expense 180.00 107.50 287.50 287.50 Totals $ 226,305.00 $ 226,305.00 $ 37,510.75 $ 37,510.75 $ 243,480.75 $ 243,480.75 $ 155,199.75 $ 174,900.00 $ 88,281.00 $ 68,580.75 Net Income 19,700.25 19,700.25 $ 174,900.00 $ 174,900.00 $ 88,281.00 $ 88,281.00 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?