The Artisan Wines is a retail store selling vintage wines. On December 31, 20x1, the firm's general ledger contained the accounts and balances below. All account balances are normal. Account Name Trial Salance Debit Credit Debit Cash $ 27,886.00 Accounts Receivable Prepaid Advertising Supplies 450.00 1,380,00 250.00 Merchandise Inventory 14,500.00 Store Equipment 22,500.00 Accumulated Depreciation-store: 2,500.00 Equipment office Equipment 4,500.00 Accumulated Depreciation- 1,450.00 office Equipment Accounts Payable wages Payable Notes Payable, due 20x2 Social Security Tax Payable Medicare Tax Payable 17,500.00 2,205.00 Credit Adjusted Trial Balance Debit Credit Income Statement Debit credit $ 27,886.00 Balance Sheet Debit $27,886.00 cre 450.00 450.00 400.00 920.00 920.00 11,500.00 175.00 14,500.00 11,500.00 22,500.00 75.00 75.00 11,500.00 22,500.00 3,000.00 5,500.00 5,50 4,500.00 4,500.00 1950.00 2,400.00 2,41 400.00 24.80 5.00 Unearned Seminar Fees 4,500.00 3,000.00 Interest Payable 87.50 vincent Arroyo, capital 34,950.00 Vincent Arroyo, Drawing 13,610.00 Income Summary 14,500.00 11,500.00 13,610.00 14,500.00 11,500.00 14,500.00 11,500.00 Sales Sales Discounts. 146,970.00 148,978.00 148,970.00 150.00 150.00 150.00 17,500.00 2,205.00 400.00 24.00 5.80 1,500.00 87.50 34,950.00 17,5 2,20 40 Artisan wines worksheet Year Ended December 31, 20x1 Adjustments 1,50 34,9 13,610.00 Trial Balance Adjustments Account Name Debit Credit Debit Credit Artisan Wines Worksheet Year Ended December 31, 20x1 Adjusted Trial Balance Credit Debit Debit Income Statement Credit Balance Sheet Cash 27,886.00 $ 27,886.00 Debit $27,000.00 Credit Accounts Receivable Prepaid Advertising Supplies 450.00 1,380.00 250.00 450.00 450.00 400.00 Merchandise Inventory 14,500.00 11,500.00 175.00 14,500.00 920.00 75.00 520.00 75.00 Store Equipment 22,500.00 11,500.00 22,500.00 11,500.00 22,500.00 Accumulated Depreciation-Store 2,500.00 3,000.00 5,500,00 5,500.00 Equipment Office Equipment 4,500.00 4,500.00 4,500.00 Accumulated Depreciation-office 1,450.00 950.00 2,400.00 2,400.00 Equipment Accounts Payable Wages Payable Notes Payable, due 20x2 Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital 17,500.00 17,500.00 17,500.00 2,205.00 Payroll Taxes Expense Depreciation Expense-Store 23,509 90 2,824.00 Equipment 400.00 24.00 5.80 4,500.00 3,000.00 87.50 34,950.00 Vincent Arroyo, Drawing 13,610.00 Income Summary 14,500.00 11,500.00 13,610.00 14,500.00 13,610.00 11,500.00 14,500.00 11,500.00 Sales 148,970.00 146,070.00 148,570.00 Sales Discounte 150.00 150.00 150.00 Seminar Few Income 3,000 3,000.00 3.000.00 Purchases Purchases Returns and Allowances Freight In 88,500.00 88,500.00 88,580.00 350.00 Kant Expense Wages Expesse 175.00 12,700.00 175.00 480.00 30.25 3,000.00 12,700.00 23,000.00 2,154 60 3,000.00 35000 175:00 12, 790 68 050.00 2,285.00 400.00 24.80 5.80 1,500.00 07.50 34,950.00 2,205.00 400.00 24.00 5.80 1,500.00 7.50 34,950.00 23,900.00 2,454.00 2,000.00 Account Nase DOBLE Credit Debst Creast Debt Credst Debit Creat Cash $ Accounts Receivable Prepaid Advertising Supplies 27,806.00 450.00 1,380.00 250.00 $ 27,806.00 450.00 Debit $27,000 450.00 Credit 400.00 Merchandise Inventory 14,500.00 11,500.00 175.00 14,500.00 920.00 75.00 920.00 Store Equipment 22.500.00 11,500.00 22,500.00 Accumulated Depreciation Store 75.00 11,500.00 22,500.00 2,500.00 Equipment 3,000.00 5,500.00 Accounts Payable Mages Payable Office Equipment Equipment Notes Payable, due 22 Social Security Tax Payable Medicare Tas Payable 4,500.00 4,500.00 Accumulated Depreciation-office 1,450.00 956.00 2,400.00 17,500.00 17,500.00 5,500.00 2,400.00 17,500.00) 2,205.00 2,205.00 400.00 24.90 2,295.00 400.00 24,80 5.00 400.00 24.00 5.00 Unearned Seminar Fees 4,500.00 3,000.00 5:00 1,500.00 Interest Payable 87.50 Vincent Arroye, Capital 34,950.00 Vincent Arroyo, Drawing 87.50 34,950.00 13,610.00 Income Summary 14,500.00 11,500.00 13,630.00 14,500.00 13,610.00 1,500,00 07.58 34,950.00 Sales 148,970.00 11,500.00 148,570.00 14,500.00 11,500.00 148,970.00 Sales Discounts 150.00 156.00 150.00 Seminar Fee Income 3,000.00 3,000.00 3,000.00 Purchases 88,500.00 0,500.00 ,500.00 Purchases Returns and Allowances 350.00 350.00 350.00 Freight In 175.00 175.00 Rent Expence 12,700.00 12,700.0 Mages Expense 23,500.00 Payroll Taxes Expense 2,824.00 Depreciation Expense-Stere 400.00 38.25 3,000.00 23,500.00 175.00 12,700.00 23,500.00 3,354.40 3,000.00 Equipment Depreciation Expense-Office Equipment Advertising Exp 350.00 950.00 40009 Supplies Expense Interest Expense Totals Bet Income 108:00 175.00 87:56 175.00 387:50 $213,025.00 5 213,825.00 $34,210 75 $ 34,210.75 $225, 100 755 229,10.75 1 147,659.75 $164,428.144.00 164,680:73 10,067.00 $164,420.00 164,41,441.00 $ 81,441 68 16,867.30 2,854.60 954.00 460.00 175.00 187.50 Required: 1. 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. 2. Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. Analyze: What is the inventory turnover for Artisan Wines? Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases Net delivered cost of purchases Goods available for sale Cost of goods sold Operating expenses ARTISAN WINGS Income Statement $ 0.00 0.00 $ 0.00 Delivered cost of purchases 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 $ 0.00 0.00 $ 0.00 0.00 $ 0.00 0.00 0.00 0.00 $ 0.00 ARTISAN WINES Statement of Owner's Equity $ 0.00 $ 0.00 Current assets: Assets Total current assets Plant and equipment: Store equipment Office equipment ARTISAN WINES Balance Sheet $ 0.00 Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: 0.00 0.00 Total current assets Plant and equipment: $ 0.00 Store equipment Office equipment Total plant and equipment Total assets 0.00 $ 0.00 Liabilities and Owner's Equity Current liabilities: Total current liabilities $ 0.00 Owner's equity: Total liabilities and owner's equity A 0.00 What is the inventory turnover for Artisan Wines? Inventory turnover times The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firm's general ledger contained the accounts and balances below. All account balances are normal. Artisan Wines Worksheet Year Ended December 31, 20X1 Account Name Trial Balance Debit Credit Adjustments Debit Credit Cash $ 27,886.00 $ 27,886.00 Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit $27,886.00 Credit Accounts Receivable Prepaid Advertising Supplies 450.00 1,380.00 250.00 450.00 460.00 920.00 Merchandise Inventory 14,500.00 11,500.00 175.00 14,500.00 75.00 Store Equipment 22,500.00 11,500.00 22,500.00 450.00 920.00 75.00 11,500.00 22,500.00 Accumulated Depreciation-store Equipment 2,500.00 3,000.00 5,500.00 5,500.00 Office Equipment 4,500.00 4,500.00 4,500.00 Accumulated Depreciation-office Equipment 1,450.00 950.00 2,400.00 2,400.00 Notes Payable, due 20x2 17,500.00 17,500.00 17,500.00 Accounts Payable 2,205.00 2,205.00 2,205.00 Wages Payable 400.00 Social Security Tax Payable Medicare Tax Payable. 24.80 5.80 Unearned Seminar Fees 4,500.00 3,000.00 400.00 24.80 5.80 1,500.00 Interest Payable 87.50 87.58 Vincent Arrovo. Capital 34.950.00 34.950.00 400.00 24.80 5.80 1,500.00 87.50 34.950.00 Accumulated Depreciation-office Equipment Notes Payable, due 20x2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable 1,450.00 950.00 17,500.00 2,205.00 400.00 24.80 5.80 Unearned Seminar Fees 4,500.00 3,000.00 2,400.00 17,500.00 2,205.00 400.00 24.80. 5.80 1,500.00 Interest Payable 87.50 87.50 Vincent Arroyo, Capital 34,950.00 34,950.00 Vincent Arroyo, Drawing 13,610.00 Income Summary 14,500.00 11,500.00 13,610.00 14,500.00 Sales Sales Discounts 148,970.00 150.00 150.00 Seminar Fee Incone 3,000.00 Purchases 88,500.00 88,500.00 Purchases Returns and Allowances 950.00 Freight In 175.00 Rent Expense 12,700.00 Wages Expense 23,500.00 Payroll Taxes Expense 2,824.00 13,610.00 11,500.00 148,970.00 150.00 3,000.00 3,000.00 88,500.00 950.00 950.00 175.00 12,700.00 175.00 12,700.00 400.00 23,900.00 23,900.00 38.25 2,854.60 2,854.60 11,500.00 14,500.00 148,970.00 Depreciation Expense-Store 3,000.00 Equipment 3,000.00 3,000.00 Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense Totals Net Incone 2,400.00 17,500.00 2,205.00 400.00 24.80 5.80 1,500.00 87.50 34,950.00 100.00 950.00 460.00 175.00 87.50 950.00 460.00 175.00 187.50 050.00 460.00 175.00 187.50 $213,025.00 $213,025.00 $ 34,210.75 s 34,210.75 s 229,100.75 s 229,100.75 $ 147,659.75 $ 164,420.00 $ 81,441.00 $ 64,600.751 16,867,90 16,867,90 $164,420.00 5 164,420.00 $ 81,441.00 $ 81,441.00 Required: 1. 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. 2. Prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 20X1. The company does not classify its operating expenses as selling Required 1 Required 2 Required 3 Analyze 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. (Round your answers to 2 decimal places.) Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 Delivered cost of purchases Net delivered cost of purchases Goods available for sale ARTISAN WINES Income Statement $ 0.00 0.00 Show less A 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 0.00 $ 0.00 0.00 $ 0.00 0.00 0.00 0.00 $ 0.00 ARTISAN WINES Statement of Owner's Equity $ 0.00 $ 0.00 Current assets: Assets ARTISAN WINES Balance Sheet $ 0.00 Total current assets Plant and equipment: Store equipment Office equipment Total plant and equipment Total assets $ Liabilities and Owner's Equity Current liabilities: 0.00 0.00 Total current liabilities $ 0.00 Owner's equity: Total liabilities and owner's equity $ 0.00 What is the inventory turnover for Artisan Wines? (F decimal places.) Inventory turnover times