The Following Data Relate to Falcon Company for the Year

question 90

Multiple Choice

The following data relate to Falcon Company for the year ended December 31,2012.Falcon Company uses the cash basis. $\begin{array}{llcc} \text {Sales for cash } &\$180,000 \\ \text {Sales for credit } &190,000\\ \text { Cost of inventory sold } &210,000\\ \text { Collections from customers } &350,000\\ \text { Purchases of inventory on credit} &200,000\\ \text { Payment for purchases} &220,000\\ \text {Selling expenses (accual basis) } &60,000\\ \text { Payment for selling expenses } &70,000\end{array}$

Which of the following amounts represents income for Falcon Company for the year ended December 31,2012?

• A)$90,000
• B)$80,000
• C)$70,000
• D)$60,000
• E)None of the answers are correct.

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Definitions:

Episodic Buffer

A component of the working memory system that integrates information from different sources into a single, multi-dimensional representation.

Visuospatial Sketchpad

A component of working memory responsible for holding and manipulating visual and spatial information.

Long-Term Memory

The stage of memory capable of storing information for prolonged periods, from hours to a lifetime, involving processes such as encoding, storing, and retrieval.

Episodic Memory

A subcategory of declarative memory that involves the recollection of specific events, situations, and experiences.