Wang Company Had the Following Transactions During 2021

question 61

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
-Purchased airline tickets for $600 in December for a trip to take place in 2022
What is Wang's 2021 net income using cash basis accounting?

• A)$1,600
• B)$2,800
• C)$13,000
• D)$2,200

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Definitions:

Austrian Psychiatrist

Refers to a psychiatrist from Austria, which could historically include figures like Sigmund Freud who is renowned for his contributions to psychoanalysis.

Inappropriate Behaviors

Actions or conduct that are not suitable or proper in a given context or situation.

Brain Abnormalities

Structural or functional deviations in the brain from the normal, which can be congenital or acquired and affect cognitive, emotional, or physical health.

Mental Processes

The internal, covert activities that occur in the mind, encompassing thoughts, feelings, and cognitive functions.