question 6

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In 2011 ClydeClydeRenkasRenkasopened Clydes Pets a small retail shop selling pet supplies.On December 31,2011,, Clyde'saccounting records showed the following
Inventory on December 31, 2011
$10,200
Inventory on January 1, 2011
15,300
Sales revenue
55,000
Utilities for shop
3,400
Rent for shop
4,800
Sales commissions
2,650
Purchases of merchandise
22,000
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Requirement 1. Prepare an income statement for

Clyde's PetsClyde's Pets,

a merchandiser, for the year ended December 31, 2011.

 
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Clyde's Pets
 
 
Income Statement
 
 
Year Ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
 
 
 
Gross profit
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

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