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 Adjustments Adjusted Trial Balance Income Statement Debit Balance Sheet Account Name $ 27,986.00 27,986.00 880.00 11,600.00 14,600.00 11,600.00 460 1,320.00 $27,986.00 460 Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office 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 440.00 180.00 880.00 14,600.00 23,000.00 11,600.00 23,000.00 23,000.00 025 960 625 420 2,305 2,600.00 600 4,600.00 4,600.00 2, 420.00 18,000.00 2,305.00 400.00 18,000.00 2,305.00 400.00 4,800.00 3,200.00 1,600 ,600.00 34,620.00 34,620.00 34, 620.00 710 14,600.00 11,600.00 14,600.00 11,600.00 14,600.00 11,600.00 0J^90 00 Sales Sales Discounts Seminar Pee Income Purchases Purchases Returns and A1lowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense office Equipment Advertising Expense Supplies Expense Interest Expense Totals 149,970.00 149,970.00 149,970.00 200 960 160 160.00 160 3,200.00 200 960.00 12,800.00 23,600.00 2,924.00 185.00 12,800.00 24,000.00 2,954.60 185.00 12,800.00 24,000.00 2,954.60 3,025.00 400.00 02.60 3,025.00 025 440.00 180 200.00 200.00 $214,715.00 $214,715.00 S34,525.60 $34,525.60 $230,820.60 $230,820.60 $148,504.6o $165,730.00 $82,316.00 $65,090.60 17,225.40 $165,730.00 $165,730.00 $82,316.00 $82,316.00 Net Income 17,225.40 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 3. Prepare a classified balance sheet as of December 31, 2019 What is the inventory turnover for Artisan Wines