Prepare income statements (learning objective 5) part one: in 2015, patsy jackson opened patsy’s posies, a small retail shop selling floral arrangements. on december 31, 2016, her accounting records show the following: sales revenue $53,000 utilities for shop $ 1,100 inventory on december 31, 2016 $ 9,100 inventory on january 1, 2016 $12,000 rent for shop $ 4,600 sales commissions $ 4,000 purchases of merchandise $36,000 requirement prepare an income statement for patsy’s posies, a merchandiser, for the year ended december 31, 2016. part two: patsy’s posies was so successful that patsy decided to manufacture her own brand of floral supplies: floral city manufacturing. at the end of december 2017, her accounting records show the following: utilities for plant $4,900 delivery expense $1,500 sales salaries expense $4,300 plant janitorial services $1,350 work in process inventory, december 31, 2017 $5,000 finished goods inventory, december 31, 2016 0 finished goods inventory, december 31, 2017 $2,500 sales revenue $104,000 customer service hotline expense $1,400 direct labor $23,000 direct material purchases $ 30,000 rent on manufacturing plant $9,600 raw materials inventory, december 31, 2016 $ 14,000 raw materials inventory, december 31, 2017 $8,000 work in process inventory, december 31, 2016 0