11. Toole Company had the following transactions during 2016: Sales of $4,200 on account • Collected $2,500 for services to be performed in 2017 Paid $1,580 cash in salaries • Purchased airline tickets for $350 in December for a trip to take place in 2017 . What is Toole's 2016 net income using accrual accounting? a. $2,370. b. $2,620. c. $4,770. d. $5,120.

11. Toole Company had the following transactions during 2016: Sales of $4,200 on account • Collected $2,500 for services to be performed in 2017 Paid $1,580 cash in salaries • Purchased airline tickets for $350 in December for a trip to take place in 2017 . What is Toole's 2016 net income using accrual accounting? a. $2,370. b. $2,620. c. $4,770. d. $5,120.

Name: 11. Toole Company had the following transactions during 2016:Sales of
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Description: 11. Toole Company had the following transactions during 2016:Sales of $4,200 on accountCollected $2,500 for services to be performed in 2017Paid $1,580 cash in salariesPurchased airline tickets for $350 in December for a trip to take place in 2017·●

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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