3. Noah’s pet store is located at 18542 Mission Road, Santee, CA 92071. The name of the store is ‘‘The Arc,’’ and its taxpayer ID number is 95-9876556. The beginning inventories and ending inventories are both $10,000. The revenue and expenses for the year are as follows:

Transcribed Image Text:

Sales Revenue Expenses: $144,000 Cost of Sales Insurance $62,000 750 Accounting fees 1,800 Wages 25,000 Payroll taxes 2,250 Utilities 2,700 Rental expense 7,200 Total Expenses (101,700) Net Income $ 42,300