i do not understand the text can someone please help explain this with their answer – www.savvyessaywriters.net
i do not understand the text can someone please help explain this with their answer – www.savvyessaywriters.net
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 |
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| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||||||||||||||||||||||||
| Account Name | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |||||||||||||||||||||
| Cash | $ | 28,386.00 | $ | 28,386.00 | $ | 28,386.00 | |||||||||||||||||||||||||
| Accounts Receivable | 500.00 | 500.00 | 500.00 | ||||||||||||||||||||||||||||
| Prepaid Advertising | 480.00 | 160.00 | 320.00 | 320.00 | |||||||||||||||||||||||||||
| Supplies | 300.00 | 140.00 | 160.00 | 160.00 | |||||||||||||||||||||||||||
| Merchandise Inventory | 15,000.00 | 13,000.00 | 15,000.00 | 13,000.00 | 13,000.00 | ||||||||||||||||||||||||||
| Store Equipment | 25,000.00 | 25,000.00 | 25,000.00 | ||||||||||||||||||||||||||||
| Accumulated Depreciation—Store Equipment | 3,000.00 | 3,000.00 | 6,000.00 | 6,000.00 | |||||||||||||||||||||||||||
| Office Equipment | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||||||
| Accumulated Depreciation—Office Equipment | 1,500.00 | 1,125.00 | 2,625.00 | 2,625.00 | |||||||||||||||||||||||||||
| Notes Payable, due 2020 | 20,000.00 | 20,000.00 | 20,000.00 | ||||||||||||||||||||||||||||
| Accounts Payable | 2,705.00 | 2,705.00 | 2,705.00 | ||||||||||||||||||||||||||||
| Wages Payable | 500.00 | 500.00 | 500.00 | ||||||||||||||||||||||||||||
| Social Security Tax Payable | 31.00 | 31.00 | 31.00 | ||||||||||||||||||||||||||||
| Medicare Tax Payable | 7.25 | 7.25 | 7.25 | ||||||||||||||||||||||||||||
| Unearned Seminar Fees | 6,000.00 | 4,000.00 | 2,000.00 | 2,000.00 | |||||||||||||||||||||||||||
| Interest Payable | 100.00 | 100.00 | 100.00 | ||||||||||||||||||||||||||||
| Vincent Arroyo, Capital | 32,700.00 | 32,700.00 | 32,700.00 | ||||||||||||||||||||||||||||
| Vincent Arroyo, Drawing | 14,110.00 | 14,110.00 | 14,110.00 | ||||||||||||||||||||||||||||
| Income Summary | 15,000.00 | 13,000.00 | 15,000.00 | 13,000.00 | 15,000.00 | 13,000.00 | |||||||||||||||||||||||||
| Sales | 153,970.00 | 153,970.00 | 153,970.00 | ||||||||||||||||||||||||||||
| Sales Discounts | 200.00 | 200.00 | 200.00 | ||||||||||||||||||||||||||||
| Seminar Fee Income | 4,000.00 | 4,000.00 | 4,000.00 | ||||||||||||||||||||||||||||
| Purchases | 91,000.00 | 91,000.00 | 91,000.00 | ||||||||||||||||||||||||||||
| Purchases Returns and Allowances | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||||||||||||||
| Freight In | 225.00 | 225.00 | 225.00 | ||||||||||||||||||||||||||||
| Rent Expense | 13,200.00 | 13,200.00 | 13,200.00 | ||||||||||||||||||||||||||||
| Wages Expense | 24,000.00 | 500.00 | 24,500.00 | 24,500.00 | |||||||||||||||||||||||||||
| Payroll Taxes Expense | 3,324.00 | 38.25 | 3,362.25 | 3,362.25 | |||||||||||||||||||||||||||
| Depreciation Expense—Store Equipment | 3,000.00 | 3,000.00 | 3,000.00 | ||||||||||||||||||||||||||||
| Depreciation Expense—Office Equipment | 1,125.00 | 1,125.00 | 1,125.00 | ||||||||||||||||||||||||||||
| Advertising Expense | 160.00 | 160.00 | 160.00 | ||||||||||||||||||||||||||||
| Supplies Expense | 140.00 | 140.00 | 140.00 | ||||||||||||||||||||||||||||
| Interest Expense | 150.00 | 100.00 | 250.00 | 250.00 | |||||||||||||||||||||||||||
| Totals | $ | 220,875.00 | $ | 220,875.00 | $ | 37,063.25 | $ | 37,063.25 | $ | 238,638.25 | $ | 238,638.25 | $ | 152,162.25 | $ | 171,970.00 | $ | 86,476.00 | $ | 66,668.25 | |||||||||||
| Net Income | 19,807.75 | 19,807.75 | |||||||||||||||||||||||||||||
| $ | 171,970.00 | $ | 171,970.00 | $ | 86,476.00 | $ | 86,476.00 | ||||||||||||||||||||||||
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Required:
- 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.
- Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the year.
- Prepare a classified balance sheet as of December 31, 2019.
Analyze:
What is the inventory turnover for Artisan Wines?
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