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. Income Statement Debit Credit Trial Balance Debit Credit 28,886.00 550.00 780.00 350.00 15,500.00 27,500.00 Artisan Wines Worksheet Year Ended December 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit $ 28,886.00 550.00 260.00 520.00 225.00 125.00 12,500.00 15,500.00 12,500.00 27,500.00 3,250.00 6,750.00 5,500.00 Bal Debit $ 28,886. 550. 520. 125. 12,500. 27,500. 3,500.00 5,500.00 5,500. 1,550.00 1,050.00 22,500.00 3,205.00 600.00 37.20 8.70 2,600.00 22,500.00 3,205.00 600.00 37.20 8.70 2,500.00 112.50 31,650.00 7,500.00 Account Name Cash $ Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Notes Payable, due 20x2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment 5,000.00 112.50 31,650.00 14,610.00 14,610. 14,610.00 15,500.00 15,500.00 12,500.00 15,500.00 12,500.00 158,970.00 12,500.00 158,970.00 158,970.00 250.00 250.00 250.00 5,000.00 5,000.00 5,000.00 93,500.00 93,500.00 93,500.00 1,050.00 1,050.00 1,050.00 275.00 13,700.00 24,500.00 3,824.00 275.00 13,700.00 25,100.00 3,869.90 275.00 13,700.00 25,100.00 3,869.90 600.00 30.60 3,250.00 3,250.00 3,250.00 1,050.00 1,050.00 1,050.00 5,500.00 5,500.00 5,500. 1,550.00 1,050.00 2,600.00 22,500.00 3,205.00 600.00 37.20 8.70 22,500.00 3,205.00 600.00 37.20 8.70 2,500.00 112.50 31,650.00 7,500.00 5,000.00 112.50 31,650.00 14,610.00 14,610. 14,610.00 15,500.00 15,500.00 12,500.00 15,500.00 12,500.00 158, 970.00 12,500.00 158,970.00 158,970.00 250.00 250.00 250.00 Office Equipment Accumulated Depreciation- Office Equipment Notes Payable, due 20x2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense Totals 5,000.00 5,000.00 5,000.00 93,500.00 93,500.00 93,500.00 1,050.00 1,050.00 1,050.00 275.00 13,700.00 24,500.00 3,824.00 275.00 13,700.00 25,100.00 3,869.90 275.00 13,700.00 25,100.00 3,869.90 600.00 30.60 3,250.00 3,250.00 3,250.00 1,050.00 1,050.00 1,050.00 260.00 260.00 260.00 225.00 225.00 225.00 200.00 112.50 312.50 312.50 $ 229,925.00 $ 229,925.00 $ 38,328.10 $ 38,328.10 $ 247,268.10 $ 247,268.10 $ 157,077.10 $ 177,520.00 $ 90,191. 20,227.60 $ 177,520.00 $ 177,520.00 $ 90,191. Net Income 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 expenses and general and administrative expenses. (Round your answers to 2 decimal places.) ARTISAN WINES Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 ARTISAN WINES Income Statement 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 Total current assets Plant and equipment: Store equipment Office equipment Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: Total current liabilities Owner's equity: Total liabilities and owner's equity 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. Income Statement Debit Credit Trial Balance Debit Credit 28,886.00 550.00 780.00 350.00 15,500.00 27,500.00 Artisan Wines Worksheet Year Ended December 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit $ 28,886.00 550.00 260.00 520.00 225.00 125.00 12,500.00 15,500.00 12,500.00 27,500.00 3,250.00 6,750.00 5,500.00 Bal Debit $ 28,886. 550. 520. 125. 12,500. 27,500. 3,500.00 5,500.00 5,500. 1,550.00 1,050.00 22,500.00 3,205.00 600.00 37.20 8.70 2,600.00 22,500.00 3,205.00 600.00 37.20 8.70 2,500.00 112.50 31,650.00 7,500.00 Account Name Cash $ Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Notes Payable, due 20x2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment 5,000.00 112.50 31,650.00 14,610.00 14,610. 14,610.00 15,500.00 15,500.00 12,500.00 15,500.00 12,500.00 158,970.00 12,500.00 158,970.00 158,970.00 250.00 250.00 250.00 5,000.00 5,000.00 5,000.00 93,500.00 93,500.00 93,500.00 1,050.00 1,050.00 1,050.00 275.00 13,700.00 24,500.00 3,824.00 275.00 13,700.00 25,100.00 3,869.90 275.00 13,700.00 25,100.00 3,869.90 600.00 30.60 3,250.00 3,250.00 3,250.00 1,050.00 1,050.00 1,050.00 5,500.00 5,500.00 5,500. 1,550.00 1,050.00 2,600.00 22,500.00 3,205.00 600.00 37.20 8.70 22,500.00 3,205.00 600.00 37.20 8.70 2,500.00 112.50 31,650.00 7,500.00 5,000.00 112.50 31,650.00 14,610.00 14,610. 14,610.00 15,500.00 15,500.00 12,500.00 15,500.00 12,500.00 158, 970.00 12,500.00 158,970.00 158,970.00 250.00 250.00 250.00 Office Equipment Accumulated Depreciation- Office Equipment Notes Payable, due 20x2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense Totals 5,000.00 5,000.00 5,000.00 93,500.00 93,500.00 93,500.00 1,050.00 1,050.00 1,050.00 275.00 13,700.00 24,500.00 3,824.00 275.00 13,700.00 25,100.00 3,869.90 275.00 13,700.00 25,100.00 3,869.90 600.00 30.60 3,250.00 3,250.00 3,250.00 1,050.00 1,050.00 1,050.00 260.00 260.00 260.00 225.00 225.00 225.00 200.00 112.50 312.50 312.50 $ 229,925.00 $ 229,925.00 $ 38,328.10 $ 38,328.10 $ 247,268.10 $ 247,268.10 $ 157,077.10 $ 177,520.00 $ 90,191. 20,227.60 $ 177,520.00 $ 177,520.00 $ 90,191. Net Income 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 expenses and general and administrative expenses. (Round your answers to 2 decimal places.) ARTISAN WINES Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 ARTISAN WINES Income Statement 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 Total current assets Plant and equipment: Store equipment Office equipment Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: Total current liabilities Owner's equity: Total liabilities and owner's equity