Question: In 2007 Clyde Blackstock opened Clyde's Pets, a small retail shop selling pet supplies. On December 31, 2007, Clyde's accounting records showed the following: Requirement

In 2007 Clyde Blackstock opened Clyde's Pets, a small retail shop selling pet supplies. On December 31, 2007, Clyde's accounting records showed the following:

Inventory on December 31, 2007.............. $10,250 Inventory on January 1, 2007. 15,000

Requirement

Prepare an income statement for Clyde's Pets, a merchandiser, for the year ended December 31, 2007.

Inventory on December 31, 2007.............. $10,250 Inventory on January 1, 2007. 15,000 Sales revenue.......... 54,000 Utilities for shop. 3,000 Rent for shop........ 4,000 Sales commissions....... 2,250 Purchases of merchandise....... 27,000

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