Multiple Choice Question 74 Waterway Company had the following transactions during 2016: Sales of $4600 on account Collected $2300 for services to be performed in 2017 Paid $1600 cash in salaries Purchased airline tickets for $260 in December for a trip to take place in 2017 What is Waterway's 2016 net income using cash basis accounting? $440. $700. o $5300. O $5040 ^.. ^arn ninto hacad An tha, Dnint pntantial policv set bv vour instruct