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LUID Playel)! assessmentkunld=65541460&context=exam&selected Languageld=2#/section/9312541627536/qu. utes remaining Loeng Industries had the following transactions during 2020: Sales of 420,000 on account Collected 260,000 for services to be

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LUID Playel)! assessmentkunld=65541460&context=exam&selected Languageld=2#/section/9312541627536/qu. utes remaining Loeng Industries had the following transactions during 2020: Sales of 420,000 on account Collected 260,000 for services to be performed in 2021 Paid \163,000 cash in salaries Purchased airline tickets for 45,000 in December for a trip to take place in 2021 What is Loeng's 2020 net income using cash basis accounting? Select one alternative: 52,000. 517,000 O 472,000. 97,000

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