Dino Company Sells Collectibles Required: Prepare an Income Statement for the Most Recent Year

Essay

Dino Company sells collectibles.The following information summarizes Dino's operating activities for the most recent year:
$$\begin{array} { | l | r | } \hline \text { Merchandise inventory, bepinging } & \$ 10,000 \\\hline \text { Merchandise inventory, ending } & 7,000 \\\hline \text { Purchases } & 95,000 \\\hline \text { Operating expenses } & 65,000 \\\hline \text { Sales revenue } & 180,000 \\\hline\end{array}$$ Required: Prepare an income statement for the most recent year.