The Artisian 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.

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 owners 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.

?

Analyze:?What is the inventory turnover for Artisan Wines?

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm's general ledger contained the accounts and balances below. All account balances are normal. Artisan Wines Worksheet Year Ended December 31, 2019 Trial Balance Adjusted Trial Balance ?none Statement 29,086.00 29,086.00 Accounts Receivable Prepaid Advertiaing 300.00 Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment office Equipment Aecumulated Depreciation-Office Equipment Notes Payable, due 2020 15,700.00 28,500.00 12,700.00 15,700.00 12,700.00 3, 300.00 1,070.00 28,500.00 3,700.00 5,700.00 1,570.00 23,500.00 3,405.00 2,640.0? 23,500.00 Payable Social Security Tax Payable Medichre Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital vincent Arroyo, Draving Incone Summary 8,100.00 ,400.00 2,700.00 31,230.00 31,230.00 14,810.00 15,700.00 12.700.00 15,700.00 12,700.00 15,700.00 12,700.00 160,970.00 160,970.00 160,970.00 Sales Discounts 5,400.00 94,500.00 94,500.00 Purchases Returns and Allowances 1,070.00 13,900.00 24,700.00 295.00 13,900.00 25,300.00 Rent Expense 13,900.00 25,300.00 Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment 1,070.00 00.00 Interest Expense