Jared Tustin is the sole proprietor of Pretty Pets, a business specializing in the sale of high- end pet gifts and accessories. Pretty Pets’ sales totaled $ 1,125,000 during the most recent year. During the year, the company spent $ 58,000 on expenses relating to website maintenance, $ 32,500 on marketing, and $ 28,500 on wrapping, boxing, and shipping the goods to customers. Pretty Pets also spent $ 636,000 on inventory purchases and an additional $ 22,000 on freight- in charges. The company started the year with $ 18,000 of inventory on hand, and ended the year with $ 16,000 of inventory. Prepare Pretty Pets’ income statement for the most recent year.
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