Multiple Choice
Wang Company had the following transactions during 2021:
-Sales of $10,800 on account
-Collected $4,800 for services to be performed in 2022
-Paid $2,600 cash in salaries for 2021
-Purchased airline tickets for $600 in December for a trip to take place in 2022
What is Wang's 2021 net income using accrual accounting?
A) $8,800
B) $13,600
C) $13,000
D) $8,200
Correct Answer:
Verified
Correct Answer:
Verified
Q17: As prepaid expenses expire with the passage
Q80: The following information is from the Income
Q81: On August 15, 2022, Kinney Industries signs
Q82: When closing entries are prepared, each income
Q83: The trial balance for Greenway Corporation appears
Q84: The worksheet is:<br>A)part of the journal.<br>B)a financial
Q86: Unearned revenue is classified as a(n):<br>A)asset account.<br>B)revenue
Q88: The accounts of a business, before an
Q89: The trial balance for Greenway Corporation appears
Q90: Under the accrual basis of accounting:<br>A)cash must