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23. Wang Company had the following transactions during 2017: Sales of $10,800 on account Collected $4,800 for services to be performed in 2018 Paid $2,600 cash in salaries for 2017 Purchased airline tickets for $600 in December for a trip to take place in 2016 What is Wang's 2017 net income using accrual accounting? A) $8,800 B) $13,000 C) $13,600 D) $8,200 An income statement shows A) assets, liabilities, and stockholders' equity. B) revenues, expenses, and net income. C) revenues, liabilities, and stockholders' equity D) expenses, dividends, and stockholders' equity 24. 25. Borrowing money is an example of a(n) A) operating activity B) investing activity. C) delivering activity. D) financing activity. 26. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized Accounts receivable Expenses incurred Accounts payable (related to expenses) Supplies purchased with cash $19,000 3,000 7,250 750 1,800 A) $12,200 B) $11,750 C) $14,000 D) $9,500