Blue Spruce Corp. had the following transactions during 2021. • Sales of $10440 on account •...
Blue Spruce Corp. had the following transactions during
2021.
• Sales of $10440 on account
• Collected $4640 for services to be performed in 2022
• Paid $3070 cash in salaries
• Purchased airline tickets for $580 in December for a trip to take
place in 2022
What is Blue Spruce's 2021 net income using cash basis
accounting?
|
$11430 |
|
$1570 |
|
$12010 |
|
$990 |
Homework Answers
| Collection for services to be performed in 2022 | 4640 |
| Less: Cash paid in salaries | -3070 |
| Less: Airline tickets purchased | -580 |
| Net income using cash basis accounting | 990 |
| Option D $990 is correct |
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