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						Adjustments						Adjusted Trial Balance						Income Statement						Balance Sheet
Account Name		Debit			Credit			Debit			Credit			Debit			Credit			Debit			Credit			Debit			Credit
Cash	$	29,086.00											$	29,086.00											$	29,086.00
Accounts Receivable		570.00												570.00												570.00
Prepaid Advertising		900.00									300.00			600.00												600.00
Supplies		370.00									235.00			135.00												135.00
Merchandise Inventory		15,700.00						12,700.00			15,700.00			12,700.00												12,700.00
Store Equipment		28,500.00												28,500.00												28,500.00
Accumulated DepreciationStore Equipment					3,700.00						3,300.00						7,000.00												7,000.00
Office Equipment		5,700.00												5,700.00												5,700.00
Accumulated DepreciationOffice Equipment					1,570.00						1,070.00						2,640.00												2,640.00
Notes Payable, due 2020					23,500.00												23,500.00												23,500.00
Accounts Payable					3,405.00												3,405.00												3,405.00
Wages Payable											600.00						600.00												600.00
Social Security Tax Payable											37.20						37.20												37.20
Medicare Tax Payable											8.70						8.70												8.70
Unearned Seminar Fees					8,100.00			5,400.00									2,700.00												2,700.00
Interest Payable											117.50						117.50												117.50
Vincent Arroyo, Capital					31,230.00												31,230.00												31,230.00
Vincent Arroyo, Drawing		14,810.00												14,810.00												14,810.00
Income Summary								15,700.00			12,700.00			15,700.00			12,700.00			15,700.00			12,700.00
Sales					160,970.00												160,970.00						160,970.00
Sales Discounts		270.00												270.00						270.00
Seminar Fee Income											5,400.00						5,400.00						5,400.00
Purchases		94,500.00												94,500.00						94,500.00
Purchases Returns and Allowances					1,070.00												1,070.00						1,070.00
Freight In		295.00												295.00						295.00
Rent Expense		13,900.00												13,900.00						13,900.00
Wages Expense		24,700.00						600.00						25,300.00						25,300.00
Payroll Taxes Expense		4,024.00						45.90						4,069.90						4,069.90
Depreciation ExpenseStore Equipment								3,300.00						3,300.00						3,300.00
Depreciation ExpenseOffice Equipment								1,070.00						1,070.00						1,070.00
Advertising Expense								300.00						300.00						300.00
Supplies Expense								235.00						235.00						235.00
Interest Expense		220.00						117.50						337.50						337.50
Totals	$	233,545.00		$	233,545.00		$	39,468.40		$	39,468.40		$	251,378.40		$	251,378.40		$	159,277.40		$	180,140.00		$	92,101.00		$	71,238.40
Net Income																				20,862.60									20,862.60
																			$	180,140.00		$	180,140.00		$	92,101.00		$	92,101.00

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. (Round your answers to 2 decimal places.)

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

Prepare a statement of owners equity for the year ended December 31, 2019. No additional investments were made during the year. (Round your answers to 2 decimal places.)

	ARTISAN WINES Statement of Owner's Equity $0.00 $0.00

repare a classified balance sheet as of December 31, 2019. (Round your answers to 2 decimal places.)

	ARTISAN WINES Balance Sheet Assets Current assets: Total current assets $0.00 Plant and equipment: Store equipment Office equipment Total plant and equipment 0.00 Total assets $0.00 Liabilities and Owner's Equity Current liabilities: Total current liabilities $0.00 Owner's equity: Total liabilities and owner's equity $0.00

What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal places.)

	Inventory turnover times