Question: Tom Reynolds is the sole proprietor of Pampered Pets a
Tom Reynolds is the sole proprietor of Pampered Pets, a business specializing in the sale of high- end pet gifts and accessories. Pampered Pets’ sales totaled $ 986,000 during the most recent year. During the year, the company spent $ 58,500 on expenses relating to website maintenance, $ 30,700 on marketing, and $ 28,500 on wrapping, boxing, and shipping the goods to customers. Pampered Pets also spent $ 640,000 on inventory purchases and an additional $ 19,500 on freight- in charges. The company started the year with $ 18,000 of inventory on hand and ended the year with $ 12,800 of inventory. Prepare Pampered Pets’ income statement for the most recent year.
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