2. In 2011 Clyde Conway opened Clydes Pets, a small retail shop selling pet supplies. On December 31, 2011, Clydes accounting records showed the following:

Requirement

Prepare an income statement for Clydes Pets, a merchandiser, for the year ended December 31, 2011.

Inventory on December 31, 2011 $ Inventory on January 1, 2011 Sales revenue Utilities for shop Rent for shop Sales commission Purchases of merchandise 10,700 15,300 55,000 3,200 4,300 2,850 25,000