The Following Data Relate to Swift Company for the Year

question 61

Multiple Choice

The following data relate to Swift Company for the year ended December 31, 2012.Swift Company uses the accrual basis. $$\begin{array}{l}\begin{array} {lll } \text {Sales on credit}&\$250,000\\\text {Cost of inventory sold on credit}&170,000\\\text {Collections from customers}&220,000\\\text {Purchase of inventory on credit}&150,000\\\text {Payment for purchases}&140,000\\\text {Selling expenses (accrual basis) }&40,000\\\text {Payment for selling expenses}&45,000\\\end{array}\end{array}$$ 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

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Definitions:

Informally

In an unofficial or casual manner, without strict adherence to rules or formalities.

Being Socialized

The process by which individuals learn and internalize the values, beliefs, and norms of their culture, shaping their behavior and perspectives.

Mead

Refers to George Herbert Mead, a sociologist and philosopher known for his work on the development of self and the social process of symbolic interactionism.

Subjective Side

Refers to aspects of experiences, behaviors, or perceptions that are influenced by personal feelings, tastes, or opinions rather than by external objective reality.