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Lamb Company had the following transactions during 2010: # Sales of $4,500 on account # Collected $2,000 for services to be performed in 2011 #
Lamb Company had the following transactions during 2010: # Sales of $4,500 on account # Collected $2,000 for services to be performed in 2011 # Paid $625 cash in salaries # Purchased airline tickets for $250 in December for a trip to take place in 2011 What is Lamb's 2010 net income using cash basis accounting? $5,625. $1,375. $5,875. $1,125
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Financial Accounting
Authors: David Spiceland
6th Edition
1265889716, 978-1265889715
