Sheepskin Company had the following transactions during 2008. Sales of $5,500 on account Collected $2,225 for services to be performed in 2009 Paid $600 cash in salaries Purchased airline tickets for $255 in December for a trip to take place in 2009 15. What is Sheepskins 2008 net income using accrual accounting?

a. $3,875

b. $5,875

c. $4,900

d. $3,625 16.

What is Sheepskins 2008 net income using cash basis accounting?