Use this information to answer the following question. $\begin{array}{|l|r|r|}\hline \text { Account Name } & \text { Debit } & \text { Credit } \
\hline \text { Sales } & & 300,000 \
\text { Sales Returns and Allowances } & 10,000 & \
\text { Purchases } & 68,000 & \\text { Purchases Returns and Allowances } & & 8,000 \
\text { Freight-In } & 12,000 & \
\text { Selling Expenses } & 30,000 & \
\text { General and Administrative Expenses } & 110,000 & \
\hline
\end{array}$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
If beginning and ending merchandise inventories were ignored in computing net income,then net income would be

Question

Quizplus · Accepted Answer

The Answer of Use this information to answer the following question. $\begin{array}{|l|r|r|}\hline \text { Account Name } & \text { Debit } & \text { Credit } \
\hline \text { Sales } & & 300,000 \
\text { Sales Returns and Allowances } & 10,000 & \
\text { Purchases } & 68,000 & \\text { Purchases Returns and Allowances } & & 8,000 \
\text { Freight-In } & 12,000 & \
\text { Selling Expenses } & 30,000 & \
\text { General and Administrative Expenses } & 110,000 & \
\hline
\end{array}$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
If beginning and ending merchandise inventories were ignored in computing net income,then net income would be

Use This Information to Answer the Following Question In Addition,beginning Merchandise Inventory Was $22,000 and Ending Merchandise Inventory