The Following Data Relate to Gorr Company for the Year

question 16

Multiple Choice

The following data relate to Gorr Company for the year ended December 31, 2012.Gorr Company uses the accrual basis. $$\begin{array} { l r } \text { Sales for cash } & \$ 200,000 \\\text { Sales for credit } & 220,000 \\\text { Cost of inventory sold } & 180,000 \\\text { Collections from customers } & 300,000 \\\text { Purchases of inventory on credit } & 190,000 \\\text { Payment for purchases } & 180,000 \\\text { Selling expenses (accrual basis) } & 50,000 \\\text { Payment for selling expenses } & 60,000\end{array}$$ Which of the following represents income for Gorr Company for the year ended December 31, 2010?

• A)$180,000
• B)$185,000
• C)$190,000
• D)$200,000
• E)None of the answers are correct.

Acknowledge the debate around the effectiveness of globalization for the American consumer and economy.

Understand the basic concepts of trade balances, including the difference between a trade surplus and a deficit.

Grasp the historical context of U.S. trade policies and their economic impacts.

Analyze the effects of tariffs and trade agreements on international trade.