Amanda Boyd is the sole proprietor of Precious Pets, a retail business specializing in the sale of high-end pet gifts and accessories. Precious Pets’ sales totalled $987,000 during the most recent year. During the year, the company spent $56,000 on expenses relating to website maintenance; $22,000 on marketing; and $25,000 on wrapping, boxing, and shipping the goods to customers. Precious Pets also spent $642,000 on inventory purchases and an additional $21,000 on freight-in charges. The company started the year with $17,000 of inventory on hand and ended the year with $15,000 of inventory. Prepare Precious Pets’ income statement for the most recent year.
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