Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $500,000; beginning inventory, $235,000; ending inventory, $242,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $131,000; and purchases returns & allowances, $44,000. The data provide the basis for the preparation of an income statement. How much is net income?

Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $500,000; beginning inventory, $235,000; ending inventory, $242,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $131,000; and purchases returns & allowances, $44,000. The data provide the basis for the preparation of an income statement. How much is net income?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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