Solution-What would reported on the Income Statement for

What would reported on the Income Statement for net income

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Question - Amarillo Company experienced the following events during its first accounting period.

(1) Purchased $5,000 of inventory on account.

(2) Returned $1,000 of the inventory purchased in Event 1.

(3) Paid the remaining balance in account payable for the inventory purchased in Event 1.

(4) Sold inventory purchased in Event 1 for $5,000 to customers on account.

At the end of the first accounting period what would be reported on the Income Statement for net income?

Reference no: EM132635389

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What would reported on the Income Statement for net income

Reference no: EM132635389

Reference no: EM132635389

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