Determining Net Purchases The following amounts were obtained from the accountin

Question

Determining Net Purchases The following amounts were obtained from the accounting records of Newton Company Washington Inc., and Adams Company: Newton Washington Purchases Freight-in Purchase Discounts Purchase Returns and Allowances Net Purchases Required Compute the missing amounts $67,200 2,300 (4,110) (3,180) $102,000 (9,700) (8,250) 92,600 Newton Washington $102,000 Purchases Freight-in Purchase Discounts Purchase Returns and Allowances Net Purchases $67,200 2,300 (4,110) (3,180) (9,700) (8,250) 92,600 PreviousS Next

Explanation / Answer

Net purchases=-Purchases+Freight in-Purchases discounts-Purchases returns

Newton Washington Purchases 67200 102000 Freight in 2300 8550 Purchase discounts (4110) (9700) Purchase returns (3180) (8250) Net purchases $62210 $92600.

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