Question
Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $428,000; beginning inventory, $220,000; ending inventory, $262,000; operating expenses, $93,000; freight-in, $5,000;
Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $428,000; beginning inventory, $220,000; ending inventory, $262,000; operating expenses, $93,000; freight-in, $5,000; sales discounts, $15,000; purchases discounts, $15,000; sales returns & allowances, $107,000; and purchases returns & allowances, $38,000.How much is net income?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
14th Edition
1119707110, 978-1119707110
