Question: In 2014 Charlie Snyder opened Charlie s Pets a small retail

In 2014, Charlie Snyder opened Charlie’s Pets, a small retail shop selling pet supplies. On December 31, 2014, the accounting records of Charlie’s Pets showed the following:
Inventory on December 31, 2014 .......... $ 10,200
Inventory on January 1, 2014 .......... 15,100
Sales Revenue ................ 57,000
Utilities Expense for the shop .......... 3,900
Rent for the shop ............... 4,100
Sales Commissions .............. 2,150
Purchases of Merchandise Inventory ....... 27,000

Requirements
1. Prepare an income statement for Charlie’s Pets for the year ended December 31, 2014.
2. Charlie’s Pets sold 4,250 units. Determine the unit cost of the merchandise sold.


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  • CreatedJanuary 16, 2015
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