Reference no: EM131139842
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.
the amount represents income for Swift Company for the year ended December 31, 2010?
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