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Charlie Pets

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P16-24A Preparing an income statement for a merchandising company [45–55 min]

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:


Inventory on December 31, 2012  10,200
Inventory on jan. 2012  15,100
Sales revenue  57,000
Utilities for shoop  3,900
Rent for shop  4,100
Sales comminssions  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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