Wang Company Had the Following Transactions During 2013

question 18

Multiple Choice

Wang Company had the following transactions during 2013:
-Sales of $10,800 on account
-Collected $4,800 for services to be performed in 2014
-Paid $3,100 cash in salaries
-Purchased airline tickets for $600 in December for a trip to take place in 2014
What is Wang's 2013 net income using cash basis accounting?

• A) $1,100
• B) $2,300
• C) $12,500
• D) $1,700

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Definitions:

Vaginal Cancer

A type of cancer that forms in the vaginal tissues, often associated with HPV infection and other risk factors.

HPV Infection

An infection by one or more human papillomaviruses (HPV), which can cause skin warts, genital warts, and other more serious conditions, including cancers.

Diethylstilbestrol (DES)

A synthetic estrogen that was once prescribed to prevent miscarriages and pregnancy complications but is now linked to cancer and fertility issues.

Human Papillomavirus

A group of viruses that can cause warts and are often associated with cervical and other types of cancers.