Reference no: EM132640084
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, 2014 9,600
Inventory on January 1, 2014 12,000 Advertising expense 2,300
Problem 1: Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
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