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27 Nov 2019
The following data relate to Swift Company for the year endedDecember 31, 2011 and 2012. Swift Company uses the cash basis. Whatis Swift Companyâs pre-tax net income on a cash basis for the yearended December 31, 2012? You must show your work. (5points)
2012
Sales on credit
$250,000
Cost of inventory sold on credit
170,000
Collections from customers
221,000
Purchase of inventory on credit
140,000
Payment for purchases
170,000
Selling expenses (accrual basis)
54,000
Selling expenses (cash)
45,000
(Points : 5)
The following data relate to Swift Company for the year endedDecember 31, 2011 and 2012. Swift Company uses the cash basis. Whatis Swift Companyâs pre-tax net income on a cash basis for the yearended December 31, 2012? You must show your work. (5points)
2012 | |
Sales on credit | $250,000 |
Cost of inventory sold on credit | 170,000 |
Collections from customers | 221,000 |
Purchase of inventory on credit | 140,000 |
Payment for purchases | 170,000 |
Selling expenses (accrual basis) | 54,000 |
Selling expenses (cash) | 45,000 |
(Points : 5)
anny93Lv10
29 Jan 2023
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Nelly StrackeLv2
11 Nov 2019
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