The work sheet for Babson's Seafood, a business owned by B. B. Babson, is provided. Year-end adjustments have been made and all required entries journalized and posted to the ledger accounts. From the work sheet, prepare a multiple-step income statement, a statement of owners' equity (assuming no additional investments), and a classified balance sheet. The current year's portion of the mortgage payable is $6,000. 
Definitions:
Post Hoc
A logical fallacy that assumes that if one event occurs after another, then the first event must have caused the second.
Ergo Propter Hoc
Refers to the logical fallacy where it is assumed that because one thing follows another, the first thing caused the second.
Fallacy
An incorrect belief or mistaken reasoning often based on unsound argument.
Deregulated
Refers to the reduction or elimination of government power in a particular industry, usually to create more competition and increase efficiency.
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