Problem 13.3A (Static) Preparing classified financial statements. LO 13-1, 13-2, 13-3 The Enoteca Fine 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. Enoteca Fine Wines Worksheet Year Ended December 31, 20X1 Trial Balance Adjusted Trial Balance Debit Income Statement Balance Sheet Adjustments Debit Account Name Debit Credit Credit Credit Debit Credit Debit Credit Cash Accounts Receivable $ 29,886.00 1,500.00 $ 29,886.00 1,500.00 320.00 $29,886.00 1,500.00 480.00 160.00 320.00 Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 20X2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Carbone, Capital Vincent Carbone, Drawing Income Summary 300.00 170.00 130.00 130.00 14,000.00 27,000.00 14,000.00 27,000.00 14,000.00 15,000.00 15,000.00 27,000.00 3,000.00 3,800.00 6,800.00 6,800.00 6,000.00 6,000.00 6,000.00 1,500.00 20,000.00 4,705.00 2,750.00 20,000.00 4,705.00 500.00 2,750.00 20,000.00 4,705.00 500.00- 1,250.00 500.00 31.00 31.00 31.00 7.25 7.25 7.25 2,000.00 2,000.00 200.00 8,000.00 6,000.00 200.00 200.00 32,700.00 32,700.00 32,700.00 14,110.00 14,110.00 15,000.00 14,110.00 14,000.00 154,970.00 15,000.00 14,000.00 154,970.00 15,000.00 14,000.00 Sales 154,970.00 Sales Discounts 200.00 200.00 200.00 6,000.00 6,000.00 6,000.00 Seminar Fee Income Purchases 91,000.00 91,000.00 91,000.00 1,500.00 1,500.00 1,500.00 Purchases Returns and Allowances 225.00 225.00 225.00 Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense 13,200.00 24,500.00 3,362.25 3,800.00 1,250.00 160.00 13,200.00 24,500.00 3,362.25 3,800.00 1,250.00 160.00 13,200.00 24,000.00 3,324.00 500.00 38.25 3,800.00 1,250.00 160.00 170.00 170.00 170.00 150.00 200.00 350.00 350.00 $226,375.00 $226,375.00 $41,118.25 $41,118.25 $246,163.25 $246,163.25 $153,217.25 $176,470.00 $92,946.00 $69,693.25 23,252.75 Totals 23,252.75 Net Income $176,470.00 $176,470.00 $92,946.00 $92,946.00 Required: 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. MacBook Pro monso Net Income 23,252.75 23,252.75 $176,470.00 $176,470.00 $92,946.00 $92,946.00 Required: 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 Enoteca Fine Wines? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze 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.) Enoteca Fine Wines Income Statement Operating revenue Net sales Cost of goods sold Merchandise inventory, January 1, 20X1 0.00 Delivered cost of purchases Net delivered cost of purchases 0.00 Goods available for sale Cost of goods sold 0.00 Operating expenses MacBook Pro %24 %24