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

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Definitions:

Relay Schematic

A diagram representing the electrical connections and functions of a relay, used to facilitate understanding and troubleshooting.

Ladder Logic

A graphical programming language used to develop software for industrial control systems, resembling the schematic diagrams of relay logic hardware.

PLC Power Supply

Provides the necessary electrical power for a Programmable Logic Controller (PLC) to operate.