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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

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
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash $ 29,086.00 $ 29,086.00 $ 29,086.00
Accounts Receivable 570.00 570.00 570.00
Prepaid Advertising 900.00 300.00 600.00 600.00
Supplies 370.00 235.00 135.00 135.00
Merchandise Inventory 15,700.00 12,700.00 15,700.00 12,700.00 12,700.00
Store Equipment 28,500.00 28,500.00 28,500.00
Accumulated DepreciationStore Equipment 3,700.00 3,300.00 7,000.00 7,000.00
Office Equipment 5,700.00 5,700.00 5,700.00
Accumulated DepreciationOffice Equipment 1,570.00 1,070.00 2,640.00 2,640.00
Notes Payable, due 2020 23,500.00 23,500.00 23,500.00
Accounts Payable 3,405.00 3,405.00 3,405.00
Wages Payable 600.00 600.00 600.00
Social Security Tax Payable 37.20 37.20 37.20
Medicare Tax Payable 8.70 8.70 8.70
Unearned Seminar Fees 8,100.00 5,400.00 2,700.00 2,700.00
Interest Payable 117.50 117.50 117.50
Vincent Arroyo, Capital 31,230.00 31,230.00 31,230.00
Vincent Arroyo, Drawing 14,810.00 14,810.00 14,810.00
Income Summary 15,700.00 12,700.00 15,700.00 12,700.00 15,700.00 12,700.00
Sales 160,970.00 160,970.00 160,970.00
Sales Discounts 270.00 270.00 270.00
Seminar Fee Income 5,400.00 5,400.00 5,400.00
Purchases 94,500.00 94,500.00 94,500.00
Purchases Returns and Allowances 1,070.00 1,070.00 1,070.00
Freight In 295.00 295.00 295.00
Rent Expense 13,900.00 13,900.00 13,900.00
Wages Expense 24,700.00 600.00 25,300.00 25,300.00
Payroll Taxes Expense 4,024.00 45.90 4,069.90 4,069.90
Depreciation ExpenseStore Equipment 3,300.00 3,300.00 3,300.00
Depreciation ExpenseOffice Equipment 1,070.00 1,070.00 1,070.00
Advertising Expense 300.00 300.00 300.00
Supplies Expense 235.00 235.00 235.00
Interest Expense 220.00 117.50 337.50 337.50
Totals $ 233,545.00 $ 233,545.00 $ 39,468.40 $ 39,468.40 $ 251,378.40 $ 251,378.40 $ 159,277.40 $ 180,140.00 $ 92,101.00 $ 71,238.40
Net Income 20,862.60 20,862.60
$ 180,140.00 $ 180,140.00 $ 92,101.00 $ 92,101.00

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
Income Statement
Operating revenue
Net sales
Cost of goods sold
Merchandise inventory, January 1, 2019
Delivered cost of purchases $0.00
Net delivered cost of purchases
Goods available for sale 0.00
Cost of goods sold
$0.00
Operating expenses
Total operating expenses 0.00
Income from operations $0.00
Other income
0.00
Other expenses
0.00
Net nonoperating income 0.00
$0.00

Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the year. (Round your answers to 2 decimal places.)

ARTISAN WINES
Statement of Owner's Equity
$0.00
$0.00

repare a classified balance sheet as of December 31, 2019. (Round your answers to 2 decimal places.)

ARTISAN WINES
Balance Sheet
Assets
Current assets:
Total current assets $0.00
Plant and equipment:
Store equipment
Office equipment
Total plant and equipment 0.00
Total assets $0.00
Liabilities and Owner's Equity
Current liabilities:
Total current liabilities $0.00
Owner's equity:
Total liabilities and owner's equity $0.00

What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal places.)

Inventory turnover times

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