Question
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $500,000; beginning inventory, $260,000; ending inventory, $232,000; operating expenses, $90,000; freight-in, $5,000;
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $500,000; beginning inventory, $260,000; ending inventory, $232,000; operating expenses, $90,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $140,000; and purchases returns & allowances, $47,000. How much is net income?
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Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
2nd Edition
0078110823, 9780078110825
