Wang Company Had the Following Transactions During 2022: Sales

question 185

Multiple Choice

Wang Company had the following transactions during 2022: Sales of $10800 on account
Collected $4800 for services to be performed in 2023
Paid $2600 cash in salaries
Purchased airline tickets for $600 in December for a trip to take place in 2023
What is Wang's 2022 net income using cash basis accounting?

• A)$1600
• B)$2800
• C)$13000
• D)$2200

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Definitions:

Strategic Focus

The act of concentrating resources and attention on a specific strategic business goal or area to gain competitive advantage.

Internal Environments

The internal components of an organization, such as employee relations, management policies, and procedural frameworks, that shape its operational dynamics.

External Environments

The external factors and forces outside an organization that can affect its performance, such as economic conditions, competition, and regulation.

SWOT Analysis

A tool for strategic planning that helps identify the Strengths, Weaknesses, Opportunities, and Threats associated with business competition or the planning of a project.