On January $1,2013,$ Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June $30,2014,$ her accounting records show the following:

Store rent $$7,000$  Sales revenue $$90,000$ 

Sales salaries $4,500$  Store utilities $1,950$ 

Freight in $600$  Purchase of merchandise $36,000$ 

Inventory on June $30,20149,600$  Inventory on January $1,201412,000$ 

Advertising expense $2,300$ 

Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June $30,2014.$

 

Answer rating: 100% (QA)

To prepare an income statement for Picture Perfect for the period ended June 30 2014 we will list the revenues and expenses to calculate the net incom... View the full answer