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1. 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: $7,000 | Sales revenue 4,500 | Store utilities 600 Purchase of merchandise 9,600 Inventory on January 1, 2014 Store rent $90,000 Sales salaries 1,950 36,000 Freight in Inventory on June 30, 2014 Advertising expense 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

1. 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: $7,000 | Sales revenue 4,500 | Store utilities 600 Purchase of merchandise 9,600 Inventory on January 1, 2014 Store rent $90,000 Sales salaries 1,950 36,000 Freight in Inventory on June 30, 2014 Advertising expense 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. 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: $7,000 Sales revenue 4,500 | Store utilities 600 Purchase of merchandise 9,600 Inventory on January 1, 2014 Store rent Sales salaries $90,000 1,950 36,000 Freight in Inventory on June 30, 2014 Advertising expense 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
Transcribed Image Text:1. 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: $7,000 Sales revenue 4,500 | Store utilities 600 Purchase of merchandise 9,600 Inventory on January 1, 2014 Store rent Sales salaries $90,000 1,950 36,000 Freight in Inventory on June 30, 2014 Advertising expense 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
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