P16-30B Preparing an income statement for a merchandising company [45–55 min]
In 2012 Craig Gonzales opened Craig’s Pets, a small retail shop selling pet supplies.
On December 31, 2012, Craig’s accounting records showed the following:
| Inventory on December 31, 2012 | $ 10,100 |
| Inventory on January 1, 2012 | 15,400 |
| Sales revenue | 58,000 |
| Utilities for shop | 3,300 |
| Rent for shop | 4,500 |
| Sales commissions | 2,850 |
| Purchases of merchandise | 26,000 |
Requirement
1. Prepare an income statement for Craig’s Pets, a merchandiser, for the year ended December 31, 2012.
2. What are the main differences between the income statement for a merchandising company and the income statement for a services company?
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