question 6
In 2011 ClydeClydeRenkasRenkasopened Clydes Pets a small retail shop selling pet supplies.On December 31,2011,, Clyde‘saccounting records showed the following
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Inventory on December 31, 2011
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$10,200
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Inventory on January 1, 2011
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15,300
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Sales revenue
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55,000
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Utilities for shop
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3,400
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Rent for shop
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4,800
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Sales commissions
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2,650
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Purchases of merchandise
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22,000
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Requirement 1. Prepare an income statement for
Clyde’s PetsClyde‘s Pets,
a merchandiser, for the year ended December 31, 2011.
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Clyde’s Pets
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Income Statement
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Year Ended December 31, 2011
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Cost of goods sold:
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Cost of goods sold
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Gross profit
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Operating expenses:
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