25. The following data relate to Swift Company for the year ended December 31, 2011 and 2012. Swift Company uses the cash basis. What is Swift Companys pre-tax net income on a cash basis for the year ended December 31, 2012? You must show your work. (5 points)

	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