Question

Alpha Company provided the following data concerning its income statement: sales, $1,010,000; purchases, $389,000; beginning inventory,...

Alpha Company provided the following data concerning its income statement: sales, $1,010,000; purchases, $389,000; beginning inventory, $200,000; ending inventory, $272,000; operating expenses, $117,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $92,000; and purchases returns & allowances, $47,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Net Purchase= Purchase- Purchase Disc - Purchase return
= 389000-15000-47000
= 327000
Cost of good sold = Beg Inventory +Net Purchase+Freight In-Ending Inventory
= 200000+327000+5000-272000
= 260000
Income statement
Sales 1010000
Less
Return and allowances -92000
sales discounts -21000
Net Sales 897000
Cost of goods sold -260000
Less
Operating Exp -117000
Net Income 520000

Please help us in giving me thumbs up. Really needed it very badly since

I am need to offset some thumbs down where I am at the receiving end.

Please give me suggestion to improve my answer.

And in case of doubt, I am here. Please comment. Dont hesitate.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Alpha Company provided the following data concerning its income statement: sales, $925,000; purchases, $365,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $925,000; purchases, $365,000; beginning inventory, $270,000; ending inventory, $297,000; operating expenses, $117,000; freight-in, $5,000; sales discounts, $15,000; purchases discounts, $15,000; sales returns & allowances, $137,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Alpha Company provided the following data concerning its income statement: sales, $945,000; purchases, $359,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $945,000; purchases, $359,000; beginning inventory, $205,000; ending inventory, $262,000; operating expenses, $105,000; freight-in, $5,000; sales discounts, $17,000; purchases discounts, $15,000; sales returns & allowances, $80,000; and purchases returns & allowances, $47,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Alpha Company provided the following data concerning its income statement: sales, $860,000; purchases, $410,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $860,000; purchases, $410,000; beginning inventory, $235,000; ending inventory, $282,000; operating expenses, $111,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $113,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $497,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $497,000; beginning inventory, $225,000; ending inventory, $257,000; operating expenses, $90,000; freight-in, $5,000; sales discounts, $15,000; purchases discounts, $15,000; sales returns & allowances, $86,000; 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?
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $407,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $407,000; beginning inventory, $215,000; ending inventory, $277,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $86,000; and purchases returns & allowances, $38,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Account Name Debit Credit Sales $200,000 Sales Returns & Allowances $10,000 Purchases 88,000 Purchase Returns and...
Account Name Debit Credit Sales $200,000 Sales Returns & Allowances $10,000 Purchases 88,000 Purchase Returns and Allowances 18,000 Freight In 12,000 Selling Expenses 80,000 The year-end physical inventory counts were: Beginning $15,000, Ending $10,000. Net Income is: a) $23,000 b) $47,000 c) $103,000 d) $33,000 e) $28,000
Q9. The income statement of Jeter Company includes the items listed below:                         Sales     &nbsp
Q9. The income statement of Jeter Company includes the items listed below:                         Sales                                                             $915,000                         Gross profit                                                    320,000                         Beginning inventory                                         80,000                         Sales discounts                                                 10,000                         Purchase discounts                                           15,000                         Sales returns and allowances                              5,000                         Purchase returns and allowances                        8,000                         Freight-in                                                         10,000                         Operating expenses                                        300,000                         Purchases                                                       540,000 Compute the ending inventory. $25,000 $27,000 $29,000 $30,000 10. The Marie Daughters, Inc. started and ended the year with unearned revenue account balances of $500,000 and $415,000....
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company...
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company Adjusted Trial Balance (partial) January 31, 2016 Accounts Debit Credit Inventory $2,750 Sales $10,000 Sales Discounts 200 Sales Returns & Allowances 1,200 Purchases 4,000 Purchases Discounts 150 Purchase Returns & Allowances 450 Freight In 50 Advertising Expense 150 Depreciation Expense (100% Admin & General) 130 Freight Out 70 Income Tax Expense 500 Salaries Expense 500 Utilities Expense 100 Additionally, Inventory for December 31, 2015...
Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns...
Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns and Allowances ?----------------------------------------- Sales Discounts 5,000 Net Sales 80,000 Beginning Inventory 72,000 Purchases ? -------------------------------------- Purchase Returns and Allowances 7,000 Purchase Discounts 2,000 Freight-in 8,000 Net Purchased 65,000 Goods Available for Sale ? --------------------------------------- Ending Inventory ?--------------------------------------- Cost of Goods Sold 60,000 Gross Margin 20,000 Operating Expenses ? ---------------------------------------- Net Income $5,000 SHOW WORK.
Memphis Company Data: Net sales $120,000 Beginning merchandise inventory $ 50,000 Ending merchandise inventory $ 35,000...
Memphis Company Data: Net sales $120,000 Beginning merchandise inventory $ 50,000 Ending merchandise inventory $ 35,000 Purchases $ 85,000 Purchase Returns $ 5,000 Freight-in $ 7,000 Operating expenses $ 40,000 Required: Prepare the multi-step income statement. The company uses the periodic inventory system.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT