HomeHomework HelpTextbooksTest PrepTextbook Answers
Zookal Homework Help

Homework Help

  1. Business
  2. Accounting
  3. need help with this problem thanks in advance...

Question: need help with this problem thanks in advance...

Question details

Need help with this problem, Thanks in advance!

The Artisan 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. Artisan Wines Worksheet Year Ended December 31, 2019 Trial Balance Debit ustments Adjusted Trial BalanceIncose Stätement Balänce Sheet Debit $27,686.00 430.80 $27,686.80 Accounts Reccivable 430.00 1,580.ee 230.88 Prepaid Advertising s00.0e1,8.ee 1,800.0e 65.00 11,380.80 21,500.00 ies 165.00 Merchandise Inventory Store Equipment Accumulated Depreciotion-Store Equipment Office Equipnent Accumulated Depreciation Office Equipment Notes Payable, due 2026 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Copitol Vincent Arroyo, Drawing 11,300-00 14,300.11,300.80 21, 500.e9 21,580.e0 2,300.00 2,950.ee 5,258.8e 5,250.80 4,300.90 4,308.e0 4,300.80 1,430.00 16, 580.80 938.08 2,360.069 16,580.68 2,805.00 16, 500.e8 2,805 ee 5.80 5.80 1,308.00 35,610.00 11,300.00 3,988.e0 2,600.00 35,618.00 35,61.ee 13,41e.ee 14,300,00 13,418.00 13,410.00 14, 308.ee 11,300.00 146,970.80 14, 300.00 .11 , Зее.00 146, 978.88 Sales Sales Discounts Seminar Fee Income 146,978.9e 130.0e 138.88 130.00 2,600.08 2,660.00 2,680.0e 87,580.ee 87,500.00 87,500 .0θ Purchases Returns and Allowances 930.80 Freight In Rent Expense Nages Expense 155.80 12, 508.80 23,300.00 2, 624.08 155.00 12,580.06 23,780.ee 2,654.60 2,950.80 938.80 12,509 , θθ 23,700.a0 2,654. 68 2,950.00 938.88 480 Payroll Taxes Expense Depreciation Expense Store Equipment Depreciation Expense-Office Equipment 30.60 2,950.0e 930.89 Advertising Expense Supplies Expense Interest Expense 165.80 162.50 162.50 5209,645.00 $289,645.00 33,258.1e $33,258.18 $225,338.18 $225,338. 18 $145,647.10 $161, 800.00 $79,691.ee $63.538.18 16,152.90 Net Income $161,800.0a $161, sea.ee $79,691,00 579,691.8 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.

ARTISAN WINES Income Statement 2 Net sales points Cost of goods sold Merchandise inventory, January 1, 2019 eBook Delivered cost of purchases S0.00 Net delivered cost of purchases Goods available for sale Cost of goods sold 0.00 Operating expenses Total operating expenses Income from operations 0.00 Other expenses Net nonoperating income 0.00

expenses as selling expenses and general and administrative expenses. 2. Prepare a statement of owners equity for the year ended December 31, 2019. year 3. Prepare a classified balance sheet as of December 31, 2019. Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3Analyze Prepare a statement of owners equity for the year ended December 31, 2019. No ad th e year. (Round your answers to 2 decimal places.) ARTISAN WINES Statement of owners Equity Vincent Arroyo, Capital, January 1, 2019 Net income for year Less. Withdrawals for Year Increase in capital S 35,610.00 $16.152 90 13.410.00 S2.742.90 S 38 352 90 cent Arroyo, Capital, December 31. 2019 < Required 1 Required 3

Depreciation Expense -Store Equipment Depreciation Expense-Office Equipnent Advertising Expense Supplies Expense Interest Expense Totals Net Income 80.80 $209,645.8e $209,645 Required: 1. Prepare a classified income statement for the year ended December 31, 2019 expenses as selling expenses and general and administrative expenses 2. Prepare a statement of owners equity for the year ended December 31, 2019 year 3. Prepare a classified balance sheet as of December 31. 2019. Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Analyze What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal p inventory tum times < Required 3

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution