Accuracy Accounting,Inc Required: Prepare Accuracy Accounting,Inc

Essay

Accuracy Accounting,Inc.sells accounting textbooks.The following information summarizes Accuracy Accounting's operating activities for the year:
$$\begin{array} { | l | r | } \hline \text { Merchandise Inventory, January 1 } & \$ 10,000 \\\hline \text { Merchandise Inventory, December 31 } & 7,000 \\\hline \text { Purchases } & 95,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 180,000 \\\hline\end{array}$$ Required: Prepare Accuracy Accounting,Inc.'s income statement for the year ended December 31.