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...

A call option on euros is written with a strike price of $1.30/euro. Which spot price maximizes your profit if you choose to exercise the option before maturity?

A) $1.20/euro B) $1.25/euro C) $1.30/euro D) $1.35/euro

Business

When attempting to manage an account payable denominated in a foreign currency, the firm's only choice is to remain unhedged

Indicate whether the statement is true or false.

Business