Crue Company Had the Following Transactions During 2015

question 162

Multiple Choice

Crue Company had the following transactions during 2015:
-Sales of $4,500 on account
-Collected $2,500 for services to be performed in 2016
-Paid $1,625 cash in salaries
-Purchased airline tickets for $250 in December for a trip to take place in 2016
What is Crue's 2015 net income using cash basis accounting?

• A)$625.
• B)$875.
• C)$5,125.
• D)$5,375.

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Definitions:

Intrauterine Device

A small contraceptive device, often T-shaped, inserted into the uterus to prevent pregnancy.

Spermicide

A chemical product used during sexual activity to kill sperm and significantly reduce the likelihood of pregnancy.

Sexual Orientation

An enduring pattern of emotional, romantic, or sexual attractions to men, women, or both sexes, also including attractions that are not exclusively to either gender.

Gender Identity

A person's internal understanding of their gender identity, which might not align with the sex assigned to them at birth.