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The following data relate to Swift Company for the year ended December 31, 2012. Swift Company uses the accrual basis.
The following data relate to Swift Company for the year ended December 31, 2012. Swift Company uses the accrual basis.
Sales on credit $250,000
Cost of inventory sold on credit 170,000
Collections from customers 220,000
Purchase of inventory on credit 150,000
Payment for purchases 140,000
Selling expenses (accrual basis) 40,000
Payment for selling expenses 45,000
Which of the following amounts represents income for Swift Company for the year ended December 31, 2012? a.$60,000
b.$50,000
c.$40,000
d.$35,000
e.$30,000
