The Following Data Relate to Falcon Company for the Year

Multiple Choice

The following data relate to Falcon Company for the year ended December 31,2012.Falcon Company uses the cash basis. $\begin{array}{llcc} \text {Sales for cash } &\$180,000 \\ \text {Sales for credit } &190,000\\ \text { Cost of inventory sold } &210,000\\ \text { Collections from customers } &350,000\\ \text { Purchases of inventory on credit} &200,000\\ \text { Payment for purchases} &220,000\\ \text {Selling expenses (accual basis) } &60,000\\ \text { Payment for selling expenses } &70,000\end{array}$

Which of the following amounts represents income for Falcon Company for the year ended December 31,2012?

A) $90,000
B) $80,000
C) $70,000
D) $60,000
E) None of the answers are correct.