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Chets Pets

Price: $2.50

In 2012 Chet Jones opened Chet's Pets, a small retail shop selling pet supplies.
On December 31, 2012, Chet's accounting records showed the following:

Inventory on December 31, 2012  10,300
Inventory on jan. 2012  15,200
Sales revenue  56,000
Utilities for shoop  3,300
Rent for shop  4,400
Sales comminssions  2,850
Purchases of merchandise  22,000

1. Prepare an income statement for Chet's Pets, a merchandiser, for the year
ended December 31, 2012.

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