Dan Watson started a small merchandising business in 2018. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system.
(1) Acquired $30,000 cash from the issue of common stock.
(2) Purchased inventory for $18,000 cash.
(3) Sold inventory costing $15,000 for $32,000 cash.
Prepare an income statement for 2018.
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Home » Business » Dan Watson started a small merchandising business in 2018. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system.