Reference no: EM132669062

Problem 1: Tom Raymond is the sole proprietor of pretty pups a business specializing in the sale of high and pet gifts and accessories pretty puff sales totaled 1 million $1,010,000 during the most recent year. During the year the company spent $55,000 on expenses relating to website maintenance, $32,500 on marketing and $27,500 on wrapping, boxing, and shipping the goods to customers pretty pubs also spent $639,000 on inventory purchases and an additional $21,300 on freight in charges. The company started a year with $18,000 of inventory on hand and ended the year with $13,000 of inventory. Prepared pretty pups income statement for the most recent year