Bramble Corp. had the following transactions during2017:-Sales of $8820 on account.-Collected $3920 for services to be performed in2018.-Paid $3680 cash in salaries for 2017.-Purchased airline tickets for $490 in December for atrip to take place in 2018.What is Bramble's 2017 net income using accrualaccounting?

Explanation of Sales on Account:Sales on Account, also known as credit sales, refer to revenue…

Answered: Bramble Corp. had the following…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 15E

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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.

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