P2-44A Prepare income statements (Learning Objective 5) Part One: In 2015, Patsy Jackson opened Patsy's Posies, a small retail shop selling floral arrangements. On December 31, 2016, her accounting records show the following: Sales revenue anguill $53,000 Utilities for shop ........ $ 1,100 Inventory on December 31, 2016 $ 9,100 Inventory on January 1, 2016. $12,000 Rent for shop...... $ 4,600 Sales commissions. $ 4,000 Purchases of merchandise. ... $36,000 Requirement Prepare an income statement for Patsy's Posies, a merchandiser, for the year ended December 31, 2016