The Following Data Relate to Swift Company for the Year

question 12

Multiple Choice

The following data relate to Swift Company for the year ended December 31, 2010.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, 2010?

• A) $60,000
• B) $50,000
• C) $40,000
• D) $35,000
• E) $30,000

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Definitions:

Roommates

Individuals living in the same housing unit without being related by blood or marriage.

Technological Determinist

Someone who believes that technological development shapes society's values, structure, and changes in a determinative way.

Symbolic Interactionist

A perspective in sociology that focuses on the meanings individuals ascribe to objects, events, and behaviors, and how society is constructed through interactions.

Conflict Theories

Social theories that highlight the inherent divisions, inequalities, and power struggles within societies, often leading to social change.