Wang Company Had the Following Transactions During 2021

question 85

Multiple Choice

Wang Company had the following transactions during 2021:

-Sales of $10,800 on account
-Collected $4,800 for services to be performed in 2022
-Paid $2,600 cash in salaries for 2021
-Purchased airline tickets for $600 in December for a trip to take place in 2022
What is Wang's 2021 net income using accrual accounting?

• A)$8,800
• B)$13,600
• C)$13,000
• D)$8,200

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Definitions:

Organizational Objectives

The goals or targets that an organization aims to achieve, which guide its operations and strategic direction.

Changing Environment

Encompasses the dynamic and evolving external and internal factors that affect an organization's operations, including technological advances, market trends, and social changes.

Collective Action

The pursuit of a goal or set of goals by people working together, often in the context of social or political actions, exemplified by movements, protests, or other group efforts.

Company Culture

The shared values, beliefs, and practices that characterize an organization and influence its employees' behavior and attitudes.