Homework Answers
Cash basis Net income:
| Revenue: | |
| Collected amount for services to be performed in 2021 | $4,000 |
| Less: Expenses | |
| Paid salaries in cash | ($2,650) |
| Paid cash for Airline ticket | ($350) |
| Net Income | $1,000 |
Hence, the correct option is [$1,000]
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