The work sheet for Babson's Seafood, a business owned by B. B. Babson, is provided. Year-end adjustments have been made and all required entries journalized and posted to the ledger accounts.

From the work sheet, prepare a multiple-step income statement, a statement of owners' equity (assuming no additional investments), and a classified balance sheet. The current year's portion of the mortgage payable is $6,000.

Babson's Seafood Work Sheet (partial) For the year ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 60,000 60,000 60,000 Accounts Receivable 36,000 36,000 36,000 Merchandise Inventory 50,000 60,000 50,000 60,000 60,000 Supplies 23,200 16,000 7,200 7,200 Prepaid Insurance 9,000 4,000 5,000 5,000 Building 107,000 107,000 107,000 Accumulated Depreciation-Building 30,000 7,000 37,000 37,000 Equipment 70,000 70,000 70,000 Accumulated Depreciation Equipment 28,000 6,000 34,000 34,000 Accounts Payable 32,200 32,200 32,200 Wages Payable 1,100 1,100 1,100 Unearned Revenue 16,000 11,000 5,000 5,000 Mortgage Payable 107,000 107,000 107,000 B. B. Babson, Capital 110,500 110,500 110,500 B. B. Babson, Drawing 40,000 40,000 40,000 Income Summary 50,000 60,000 50,000 60,000 50,000 60,000 Sales 228,000 228,000 228,000 Sales Returns and Allowances 3,500 3,500 3,500 Earned Revenue 11,000 11,000 11,000 Purchases 54,000 54,000 54,000 Purchases Returns and Allowances 6,400 6,400 6,400 Wages Expense 78,000 1,100 79,100 79,100 11,000 11,000 54,000 54,000 6,400 6,400 Earned Revenue Purchases Purchases Returns and Allowances Wages Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Equipment Insurance Expense Utilities Expense Miscellaneous Expense 11,000 54,000 6,400 78,000 1,100 16,000 7,000 6,000 4,000 20,000 7,400 558,100 558,100 155,100 155,100 79,100 16,000 7,000 6,000 4,000 20,000 7,400 632,200 79,100 16,000 7,000 6,000 4,000 20,000 7,400 247,000 58,400 632,200 Net Income 305,400 385,200 326,800 58,400 305,400 385,200 385,200 305,400 Required: From the work sheet, prepare a multiple-step income statement, a statement of owners' equity (assuming no additional Investments), and a classified balance sheet. The current year's portion of the mortgage payable is $6,000. Babson's Seafood Income Statement For the year ended December 31, 20.- Revenue: Purchases returns and allowances Cost of goods sold: Babson's Seafood Income Statement For the year ended December 31, 20-- Revenue: Purchases returns and allowances Cost of goods sold: bio 10 Operating expenses: Operating expenses: Total operating expenses Other revenues: $ Babson's Seafood Statement of Owner's Equity For the year ended December 31, 20-- Babson's Seafood Statement of Owner's Equity For the year ended December 31, 20-- Babson's Seafood Balance Sheet December 31, 20- Assets Current assets: Total current assets Property, plant, and equipment: Babson's Seafood Balance Sheet December 31, 20-- Assets Current assets: W111 Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current assets Property, plant, and equipment: Total property, plant, and equipment 00 Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Owner's Equity Total liabilities and owner's equity