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The following data relate to Swift Company for the year ended December 31, 2012. Swift Company uses the accrual basis.

The following data relate to Swift Company for the year ended December 31, 2012. 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, 2012? a.$60,000

b.$50,000

c.$40,000

d.$35,000

e.$30,000

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