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.

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. (Round your answers to 2 decimal places.)

Artisan Wines Worksheet Year Ended December 31, 2019 Adjustments Adjusted Trial Balance Income Statement Balance Sheet Credit Debit Credit Debit 486.0 1,620.00 20,500.00 4,100.00 27,486.00 410.00 540.00 1,080.00 $27,486.00 410.00 1,080.00 410.00 Accounts Receivable Prepaid Advertising 155.00 Merchandise Inventory Store Equipment Accuulated Depreciation-Store Equipment ffice Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 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 reight In 11,100.00 14,100.00 11,100.00 20,500.00 20,500.00 2,100.00 2,900.00 5,000.00 5,000.00 2, 320.00 1, 805 4, 100.00 4,100.00 910.00 410 2,320.0 805.0 600.00 600.00 600.00 3, 300.00 2,200.00 10.0 144,3100.00 13,210 110.00 36,270.00 36,270.00 36, 270.00 13,210.00 13, 210.00 14,100.00 11,100.00 14,100.00 11,100.00 14,100.00 11,100.00 144, 970.00 144,970.00 2,200.00 910.00 110 0.00 144 2,200.00 2, 200.00 86,500.00 86, 500.00 86,500.00 910.00 910.00 12, 300.00 23,700.00 , 469.90 2, 900.00 910.00 Wages Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense Office Equipment Advertising Expense Supplies Expense Interest Expense Totals 23,100.00 23,700.00 2, 469.90 2,900.00 910.00 540.00 155.00 nee 600.00 2,900.00 910.00 155.00 $32,628.40 155.00 $206,265.00 $206,265.00 $32,628.40 $221,898.40 221,898.40 $143,957.40 15, 222.60 $159,180.00 $159, 180.00 $77,941.00 $62,718.40 15, 222.60 77,941.00 Net Income 159, 180.00 77,941.00 Required: 1. 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. 2. Prepare a statement of owner's equity for the year ended December 31, 2019. No additional investments were made during the year 3. Prepare a classified balance sheet as of December 31, 2019 What is the inventory turnover for Artisan Wines