Wang Company Had the Following Transactions During 2013

question 189

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 for 2013
-Purchased airline tickets for $600 in December for a trip to take place in 2014
What is Wang's 2013 net income using accrual accounting?

• A) $8,300
• B) $13,100
• C) $12,500
• D) $7,700

---

Definitions:

Compensatory Preschool

Educational programs aimed at enhancing the development of children who are at risk of falling behind their peers.

IQ Performance

The measure of a person's cognitive abilities and intellectual potential based on standardized tests.

Project Head Start

A program in the United States that provides comprehensive early childhood education, health, nutrition, and parent involvement services to low-income children and their families.

Functionally Asymmetrical

Pertaining to the uneven distribution or activity level of functions across different parts of an entity, particularly in biological systems such as the human brain.