1- Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $476,000; beginning inventory, $230,000; ending inventory, $227,000; operating expenses, $120,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $89,000; and purchases returns & allowances, $32,000.The data are and provide the basis for preparation of an income statement.How much is net income?

2- Annapolis Company's bank statement indicated an ending cash balance of $8,140. Alpha's accountant discovered that outstanding checks amounted to $665 and deposits in transit were $1,040. Additionally, the bank statement showed service charges of $40. What is the correct adjusted ending cash balance?

3- Baltimore Company uses aging to estimateuncollectibles.At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:

Dollar Value

Age of Account

Estimated Collectible

$115,000

< 30 days old

99%

80,000

30 to 60 days old

88%

30,000

61 to 120 days old

70%

11,000

> 120 days old

18%

The current unadjusted Allowance for UncollectibleAccounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in theAllowance for Doubtful Accounts?Round to nearest whole dollar.

4- Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 11.7.What was the company's Days Outstanding in Inventory.Assume a 365 day year.Round to one decimal place.