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:
Price Floor
A government-imposed limit below which prices cannot fall, often used in agricultural markets.
Equilibrium Price
The price at which the quantity of goods demanded equals the quantity of goods supplied, leading to market stability.
Ineffective
Not producing the intended or desired effect.
Economic Cost
The total cost of choosing one action over another, including both direct costs and any lost opportunity costs.
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