1. Data for Greenway Corporation appear as follows:

Account Name Debit Credit Sales $200,000

Sales Returns and Allowances $10,000

Purchases 88,000

Purchase Returns and Allowances 18,000

Freight In 12,000

Selling Expenses 80,000

The year-end physical inventory counts were: Beginning $15,000, Ending $10,000. Net Income is: a) $23,000 b) $47,000 c) $103,000 d) $33,000 e) $28,000

The correct answer is A 23,000 and I cannot figure out how. Can someone please help??