prepare an income statement for charlie rsquo s pets a merchandiser for the year end 552826
Preparing an income statement for a merchandising company
In 2012 Charlie Snyder opened Charlie’s Pets, a small retail shop selling pet supplies. On December 31, 2012, Charlie’s accounting records showed the following:
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prepare an income statement for charlie rsquo s pets a merchandiser for the year end 552826
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|
Inventory on December 31, 2012 |
$ 10,200 |
|
Inventory on January 1, 2012 |
15,100 |
|
Sales revenue |
57,000 |
|
Utilities for shop |
3,900 |
|
Rent for shop |
4,100 |
|
Sales commissions |
2,150 |
|
Purchases of merchandise |
27,000 |
Requirement
1. Prepare an income statement for Charlie’s Pets, a merchandiser, for the year ended December 31, 2012.
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