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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.
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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?
2
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.
Required:
Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, 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 period.
Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.Analyze:
What is the current ratio for this business?
