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:
Category Killer
A large retail store specializing in a specific product category, so dominant that it drives out or "kills" smaller competitors.
Scrambled Merchandising
Retail strategy where a store sells a wide variety of goods that are unrelated, aiming to increase foot traffic and maximize sales.
Hypermarkets
Large retail stores that combine a supermarket and a department store, offering a wide range of products at low prices.
One-Stop Shopping
A retail convenience concept where customers can meet all their buying needs in a single location, saving time and effort.
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