Question
Alpha Company provided the following data concerning its income statement: sales, $985,000; purchases, $413,000; beginning inventory, $240,000; ending inventory, $287,000; operating expenses, $96,000; freight-in, $5,000;
Alpha Company provided the following data concerning its income statement: sales, $985,000; purchases, $413,000; beginning inventory, $240,000; ending inventory, $287,000; operating expenses, $96,000; freight-in, $5,000; sales discounts, $23,000; purchases discounts, $15,000; sales returns & allowances, $131,000; and purchases returns & allowances, $38,000.How much is net income?
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
4th edition
978-0134125053, 9780134114781, 134125053, 134114787, 978-0134436111
