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5. Lamb Company had the following transactions during 2022. Sales of $4,500 on account Collected $2,000 for services to be performed in 2023 Paid $625
5. Lamb Company had the following transactions during 2022.
Sales of $4,500 on account Collected $2,000 for services to be performed in 2023 Paid $625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2023
What is Lambs 2022 net income using accrual accounting? b. What is Lambs 2022 net income using cash-based accounting?
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