Use the following partial work sheet from Carmelo Bowl to prepare its income statement,statement of owner's equity and a classified balance sheet (Assume the owner did not make any investments in the business this year. ) 
Definitions:
Equilibrium Price
The pricing point where the volume of a good or service provided equals the volume demanded, achieving market harmony.
Market-Clearing Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand, clearing the market.
Market Price
The current price at which an asset or service can be bought or sold in the open market, determined by supply and demand dynamics.
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.
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