. Smith Company had the following transactions during 2020: Sales of $10,800 on account Collected $4,800 for services to be performed in 2021 Paid $2,800 cash in salaries Purchased airline tickets for $500 in December for a trip to take place in 2021 . . What is Smith's 2020 net income using cash basis accounting? $1,500 $2,800 $4,300 $4,800