What Is Ling's 2013 Net Income Using Cash Basis Accounting

question 24

Multiple Choice

What is Ling's 2013 net income using cash basis accounting?

• A) ¥23,500.
• B) ¥5,500.
• C) ¥22,500.
• D) ¥4,500.

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Definitions:

Restitution

The act of compensating for loss, damage, or injury caused by one's actions, often as part of a legal judgment.

Specific Performance

A legal remedy requiring a party to fulfill their obligations as agreed in a contract, rather than paying damages.

Nonfraudulent Misrepresentation

An unintentional provision of false information that leads another to enter into a contract without the intent to deceive.

Out-of-Pocket Damages

Expenses or losses borne directly by an individual or entity due to another party's actions or inactions.