How much is net income

Assignment Help Accounting Basics
Reference no: EM132813374

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

Questions Cloud

Which credit balance in accounts receivable be classified : Which Credit balance in accounts receivable shall be classified as? The allowance for doubtful accounts includes a discount element.
What is the value of the firm : After consulting various sources, you find that Lauryn's has a reported equity beta of 1.7, a debt-to-equity ratio of .5, What is the value of the firm
Review of the effects of globalisation : Review of the effects of globalisation on asian international retailing taking the case of ikea - A research proposal and has given the topic
What is the level of disposable income : Suppose that the economy is characterized by the following behavioral? equations:
How much is net income : Purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income
Explain appropriate monetary policy during the pandemic : What is an appropriate monetary policy during the pandemic? Pick a country of your choice and use FRED economic database to support your answer.
What are the challenges for an always connected device : The protections from the security software must continue when the device is taken off the network, such as when it is off-grid, or in airplane mode and similar.
How much is the adjusted capital of karen and new capital : How much is the adjusted capital of Karen and the new capital of the partnership? On March 31, 2020, Karen admits Lanie for an interest in his business.
What is the expected rate of return on your client portfolio : The Treasury bill rate is 5%. What is the expected rate of return on your client's complete portfolio? What is the Sharpe ratio of your portfolio

Reviews

Write a Review

Accounting Basics Questions & Answers

  The general fund loaned the internal service fund

Attmore uses the purchases method to record supplies acquisitions Attmore considers its year-end inventory of $ 112,000 to be material During the year the General Fund loaned the Internal Service Fund $ 100,000. The loan will be fully repaid to the ..

  What was wassers capital balance at the end of 2011

Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively.

  That old equipment for producing subassemblies is worn out

that old equipment for producing subassemblies is worn out said paul taylor president of timkin company. we need to

  Which is likely to be an incorrect closing entry

Which is likely to be an incorrect closing entry? debit sales revenue, credit income summary. / debit income summary, credit retained earnings

  Puts and calls on procter and gamble

You are a trader who trades both puts and calls on Procter and Gamble. Information about current market conditions is displayed below.

  Examine development of an organization cash budgets

At the end of December the management accountant has in front of him the company's budgeted profit and loss account figures for each of the months.

  How much is joe and dianas monthly payment

What is the amount that they are financing with the bank? If they finance this home for 30 years, how much is their monthly payment?

  Fields amp maaner plc a consulting firm uses an

fields amp maaner plc a consulting firm uses an activity-based costing in which there are three activity cost pools.

  How to apply effective action-planning skills career

Explain the strategies to ensure records storage, security and privacy in accordance with professional and organisational requirements

  What is the incremental monthly revenue for staples

What is the incremental monthly revenue (loss) for staples and paperclips? What recommendation would you make to Walters Company

  How long will it take for her to accumulate

If Rachel invests $1700 today in an account that pays 6 percent interest compounded annually, how long will it take for her to accumulate $6,500 in her account

  How should euker account for anticipated insurance recovery

Euker's legal counsel has determined that under Euker's property and casualty insurance policy, Euker is entitled to insurance recovery for the fair value of the manufacturing plant in excess of the deductible, and that such recovery is probable.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd