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La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting? a. $425. b. $675. c. $5,175. d. $4,925.

La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting? a. $425. b. $675. c. $5,175. d. $4,925.

FINANCIAL ACCOUNTING
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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La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting? a. $425. b. $675. c. $5,175. d. $4,925.
Transcribed Image Text:La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting? a. $425. b. $675. c. $5,175. d. $4,925.
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