The following data relate to Gorr Company for the year ended December 31, 2012 . Gorr Company uses the accrual basis. Sales for cash $200,000 Sales for credit 220,000 Cost of inventory sold 180,000 Collections from customers 300,000 Purchases of inventory on credit 190,000 Payment for purchases 180,000 Selling expenses (accrual basis) 50,000 Payment for selling expenses 60,000 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.
C
Business
You might also like to view...
When par value stock is issued at a price below par, the amount below par is called a discount
Indicate whether the statement is true or false
Business
Explain the outsourcing risk of failure to perform
Business
Control systems that monitor and penalize the ethical behavior of salespeople are a useful tool in creating an ethical work environment.
Answer the following statement true (T) or false (F)
Business
Which of the following is essentially no branding at all?
A) national branding B) ingredient branding C) generic branding D) sub-branding E) store branding
Business