Toole Company Had the Following Transactions During 2016 $\bullet$ Sales of $4200 on Account

question 20

Multiple Choice

Toole Company had the following transactions during 2016:
$\bullet$ Sales of $4200 on account
$\bullet$ Collected $2500 for services to be performed in 2017
$\bullet$ Paid $1580 cash in salaries
$\bullet$ Purchased airline tickets for $350 in December for a trip to take place in 2017
What is Toole's 2016 net income using accrual accounting?

• A) $2370.
• B) $2620.
• C) $4770.
• D) $5120.

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Definitions:

Stress response

The body's response to a challenge or demand, characterized by physiological, psychological, and behavioral changes aimed at adapting to the stressor.

Exhaustion stage

The third phase of the General Adaptation Syndrome, characterized by depleted physical and mental resources following prolonged stress.

Routine hassles

Minor everyday problems or annoyances that, although seemingly trivial, can accumulate and contribute significantly to stress and health problems.

Type B personality

A personality type characterized by a relaxed, patient, and easy-going nature, in contrast to the more tense and goal-oriented Type A personality.