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:

Record Deletion Button

An interface element in software applications that allows users to remove records or data entries from a database or system.

Column Heading

The label or name at the top of a column in a table or spreadsheet that describes the content in that column.

Field

A single item of data in a database table, often corresponding to a column in the table.

Compact And Repair

A feature in Microsoft Access used to reduce file size and repair any issues in a database.