The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firm's...

 

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The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firm's general ledger contained the accounts and balances below. All account balances are normal. Artisan wines Worksheet Year Ended December 31, 20x1 Adjusted Trial Balance Income Statement Debit Trial Balance Adjustments Balance Sheet Account Name Debit Credit Debit Credit Debit 27,586.00 Credit Credit Debit $ 27,586.0e Credit Cash 27,586.00 420.00 Accounts Receivable 420.00 420.00 Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-0ffice Equipment Notes Payable, due 20x2 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 1,560.00 220.00 520.00 1,840.00 1,840.00 60.00 11,200.00 21,000.00 168.00 68.00 14,200.00 11, 200.00 14,200.00 11,200.00 21,000.00 21,000.00 2,200.00 2,925.00 5,125.00 5,125.00 4,200.00 4,200.00 4,200.00 1,428.00 920.00 2,340.00 2,340.00 16,800.00 1,905.00 16,000.00 1,905.00 340.00 16,000.00 1,905.00 340.00 348.00 21.08 21.08 21.08 4.93 4.93 4.93 1,200.00 80.00 3,600.00 2,400.00 1,200.00 80.00 80.00 35,940.00 35,940.00 35,948.00 13,310.00 14,200.00 13,310.00 13,310.00 14, 200.00 11, 200.00 11,200.00 145,970.00 14,200.00 11, 200.00 145,970.00 145,970.00 Sales Discounts 120.00 120.00 120.00 Seminar Fee Income 2,408.00 2,400.00 2,400.00 Purchases Purchases Returns and Allowances 87,e00.00 87,e09.00 87,008.00 920.00 920.00 920.00 Freight In Rent Expense Wages Expense Рayro11 Tаxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense 145.00 145.00 145.00 12,408.00 23,540.00 2,550.01 2,925.00 12,400.00 23,540.00 2,558.01 2,925.00 12,400.00 23, 200.00 2,524.00 340.00 38.25 2,925.00 920.00 920.00 920.00 520.00 520.00 520.00 160.00 160.00 160.00 70.00 80.00 150.00 150.00 Totals $ 207,955.00 $ 287,955.00$ 32,943.25 $ 32,943.25 $ 223,618.25 $ 223,618.25 $ 144,802.25 $ 160,498.00 $ 78,816.00$ 63,128.25 Net Income 15,859.99 15,859.99 $ 160,498.90$ 160,498.00 $ 78,816.90 $ 78,816.00 Requlred: 1. Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1. No additional investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. Analyze: What is the inventory turnover for Artisan Wines? Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1 Delivered cost of purchases Net delivered cost of purchases Goods available for sale Cost of goods sold Operating expenses Total operating expenses Income from operations Other income Other expenses Net nonoperating income Prepare a statement of owner's equity for the year ended December 31, 20x1. No additional investments were made during the year. (Round your answers to 2 decimal places.) ARTISAN WINES Statement of Owner's Equity Prepare a classified balance sheet as of December 31, 20X1. (Round your answers to 2 decimal places.) ARTISAN WINES Balance Sheet Assets Current assets: Total current assets Plant and equipment: Store equipment Office equipment Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: Total current liabilities Owner's equity: Total liabilities and owner's equity The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firm's general ledger contained the accounts and balances below. All account balances are normal. Artisan wines Worksheet Year Ended December 31, 20x1 Adjusted Trial Balance Income Statement Debit Trial Balance Adjustments Balance Sheet Account Name Debit Credit Debit Credit Debit 27,586.00 Credit Credit Debit $ 27,586.0e Credit Cash 27,586.00 420.00 Accounts Receivable 420.00 420.00 Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-0ffice Equipment Notes Payable, due 20x2 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 1,560.00 220.00 520.00 1,840.00 1,840.00 60.00 11,200.00 21,000.00 168.00 68.00 14,200.00 11, 200.00 14,200.00 11,200.00 21,000.00 21,000.00 2,200.00 2,925.00 5,125.00 5,125.00 4,200.00 4,200.00 4,200.00 1,428.00 920.00 2,340.00 2,340.00 16,800.00 1,905.00 16,000.00 1,905.00 340.00 16,000.00 1,905.00 340.00 348.00 21.08 21.08 21.08 4.93 4.93 4.93 1,200.00 80.00 3,600.00 2,400.00 1,200.00 80.00 80.00 35,940.00 35,940.00 35,948.00 13,310.00 14,200.00 13,310.00 13,310.00 14, 200.00 11, 200.00 11,200.00 145,970.00 14,200.00 11, 200.00 145,970.00 145,970.00 Sales Discounts 120.00 120.00 120.00 Seminar Fee Income 2,408.00 2,400.00 2,400.00 Purchases Purchases Returns and Allowances 87,e00.00 87,e09.00 87,008.00 920.00 920.00 920.00 Freight In Rent Expense Wages Expense Рayro11 Tаxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense 145.00 145.00 145.00 12,408.00 23,540.00 2,550.01 2,925.00 12,400.00 23,540.00 2,558.01 2,925.00 12,400.00 23, 200.00 2,524.00 340.00 38.25 2,925.00 920.00 920.00 920.00 520.00 520.00 520.00 160.00 160.00 160.00 70.00 80.00 150.00 150.00 Totals $ 207,955.00 $ 287,955.00$ 32,943.25 $ 32,943.25 $ 223,618.25 $ 223,618.25 $ 144,802.25 $ 160,498.00 $ 78,816.00$ 63,128.25 Net Income 15,859.99 15,859.99 $ 160,498.90$ 160,498.00 $ 78,816.90 $ 78,816.00 Requlred: 1. Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1. No additional investments were made during the year. 3. Prepare a classified balance sheet as of December 31, 20X1. Analyze: What is the inventory turnover for Artisan Wines? Prepare a classified income statement for the year ended December 31, 20X1. 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, 20X1 Delivered cost of purchases Net delivered cost of purchases Goods available for sale Cost of goods sold Operating expenses Total operating expenses Income from operations Other income Other expenses Net nonoperating income Prepare a statement of owner's equity for the year ended December 31, 20x1. No additional investments were made during the year. (Round your answers to 2 decimal places.) ARTISAN WINES Statement of Owner's Equity Prepare a classified balance sheet as of December 31, 20X1. (Round your answers to 2 decimal places.) ARTISAN WINES Balance Sheet Assets Current assets: Total current assets Plant and equipment: Store equipment Office equipment Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: Total current liabilities Owner's equity: Total liabilities and owner's equity