Question
La More Company had the following transactions during 20X1. Sales of $9,000 on account Collected $4,000 for services to be performed in 20X2
La More Company had the following transactions during 20X1.
• Sales of $9,000 on account
• Collected $4,000 for services to be performed in 20X2
• Paid $2,650 cash in salaries
• Purchased airline tickets for $500 in December for a trip to take place in 20X2
What is La More’s 20X1 net income using cash basis accounting?
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Using the cash basis accounting La Mores net income for 20X1 would be calculated based ...
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
