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Alpha Company provided the following data concerning its income statement: sales, $975,000; purchases, $404,000; beginning inventory, $210,000; ending inventory, $257,000; operating expenses, $120,000; freight-in, $5,000;
Alpha Company provided the following data concerning its income statement: sales, $975,000; purchases, $404,000; beginning inventory, $210,000; ending inventory, $257,000; operating expenses, $120,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $95,000; and purchases returns & allowances, $41,000.The data are complete and provide the basis for preparation of an income statement.How much is net income?
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