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
Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.