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Tom Reynold is the sole proprietor of Stately Pets, a business specializing in the sale...

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Accounting

Tom Reynold is the sole proprietor of Stately Pets, a business specializing in the sale of high-end pet gifts and accessories. Stately Pets' sales totaled $1,060,000 during the most recent year. During the year, the company spent $57,000 on expenses relating to website maintenance, $30,500 on marketing, and $28,800 on wrapping, boxing, and shipping the goods to customers. Stately Pets also spent $635,000 on inventory purchases and an additional $18,800 on freight-in charges. The company started the year with $19,800 of inventory on hand and ended the year with $17,800 of inventory. Prepare Stately Pets' income statement for the most recent year.
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