Part One: In 2021, Patsy Jackson opened Patsy’s Posies, a small retail shop selling floral arrangements. On December 31, 2022, her accounting records show the following:

RequirementPrepare an income statement for Patsy’s Posies, a merchandiser, for the year ended December 31, 2022.Part two: Patsy’s Posies was so successful that Patsy decided to manufacture her own brand of floral supplies: Floral City Manufacturing. At the end of December 2023, her accounting records show the following:

Requirements1. Calculate the Cost of Goods Manufactured for Floral City Manufacturing for the year ended December 31, 2023.2. Prepare an income statement for Floral City Manufacturing for the year ended December 31, 2023.3. How does the format of the income statement for Floral City Manufacturing differ from the income statement of Patsy’s Posies?Part three: Show the ending inventories that would appear on these balance sheets:1. Patsy’s Posies at December 31, 20222. Floral City Manufacturing at December 31, 2023

Sales revenue Utilities for shop.. Inventory on December 31, 2022. Inventory on January 1, 2022.. Rent for shop.............. Sales commissions.. Purchases of merchandise... $ 53,000 $ 1,100 9,100 $ 12,000 $ 4,600 $ 4,000 $36,000