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How much is net income

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Problem - Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $473,000; beginning inventory, $270,000; ending inventory, $257,000; operating expenses, $90,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $107,000; 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?

Reference no: EM132813374

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