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Prepare the income statement for Ripley Pet Store

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Question - Ripley's Pet Store sells dog food and pet supplies. During the year, Ripley's had $120,000 in Sales. The company began the year with $15,000 in merchandise inventory, and ended the year with $20,000 in merchandise inventory. During the year Ripley's purchased $75,000 of merchandise inventory, in order to sell it and make money. Ripley's had administrative and marketing expenses of $12,000. Prepare the income statement for Ripley's Pet Store.

Reference no: EM133123252

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