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 Adjustments Trial Balance Account Name Debit Credit Debit Credit Cash $ Accounts Receivable Prepaid Advertising 28,086.00 470.00 1,260.00 $ Adjusted Trial Balance Debit Credit 28,086.00 Income Statement Debit Balance Sheet Credit Debit $ 28,086.00 Credit 470.00 470.00 Supplies 270.00 Merchandise Inventory 14,700.00 11,700.00 420.00 185.00 14,700.00 840.00 840.00 85.00 85.00 Store Equipment 23,500.00 11,700.00 23,500.00 11,700.00 23,500.00 Accumulated Depreciation-Store Equipment 2,700.00 3,050.00 5,750.00 5,750.00 Office Equipment 4,700.00 4,700.00 Accumulated Depreciation-Office Equipment 1,470.00 970.00 2,440.00 Notes Payable, due 20x2 18,500.00 Accounts Payable 2,405.00 Wages Payable Social Security Tax Payable Medicare Tax Payable 440.00 27.28 6.38 Unearned Seminar Fees 5,100.00 3,400.00 18,500.00 2,405.00 440.00 27.28 6.38 1,700.00 Interest Payable 92.50 92.50 Vincent Arroyo, Capital 34,290.00 34,290.00 4,700.00 2,440.00 18,500.00 2,405.00 440.00 27.28 6.38 1,700.00 92.50 34,290.00 Vincent Arroyo, Drawing 13,810.00 Income Sunnary 14,700.00 11,700.00 13,810.00 14,700.00 13,810.00 Sales 150,970.00 11,700.00 150,970.00 14,700.00 11,700.00 150,970.00 Sales Discounts 170.00 170.00 Seminar Fee Income 3,400.00 3,400.00 Purchases 89,500.00 89,500.00 170.00 89,500.00 3,400.00 Purchases Returns and Allowances 970.00 970.00 970.00 Freight In 195.00 195.00 Rent Expense 12,900.00 12,900.00 Wages Expense 23,700.00 Payroll Taxes Expense 3,024.00 440.00 45.90 24,140.00 195.00 12,900.00 24,140.00 3,057.66 3,057.66 Depreciation Expense-Store Equipment 3,050.00 3,050.00 3,050.00 Depreciation Expense-Office Equipment Advertising Expense Supplies Expense 970.00 420.00 970.00 970.00 420.00 420.00 185.00 Interest Expense Totals Net Income 120.00 212.50 185.00 92.50 $ 216,405.00 $216,405.00 $ 35,163.40 $ 35,163.40 $ 232,863.40 $ 232,863.40 $ 149,672.40 $167,040.00 $ 83,191.00 $ 65,823.40 17,539.84 17,539.84 $ 167,040.00 $167,040.00 $ 83,191.00 $ 83,191.00 185.00 212.50 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?