LA MORE COMPANY HAD THE FOLLOWING TRANSACTIONS IN 2016: -SALES OF $9,000 ON THE ACCOUNT. -COLLECTED $4,000 FOR SERVICES TO BE PERFORMED IN 2017. -PAID $3,750 CASH IN SALARIES FOR 2016. -PURCHASED AIRLINE TICKETS FOR $500 IN DECEMBER FOR A TRIP TO TAKE PLACE IN 2017. WHAT IS LA MORE'S 2016 NET INCOME USING ACCRUAL ACCOUNTING?

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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LA MORE COMPANY HAD THE FOLLOWING TRANSACTIONS IN 2016:
-SALES OF $9,000 ON THE ACCOUNT.
-COLLECTED $4,000 FOR SERVICES TO BE PERFORMED IN 2017.
-PAID $3,750 CASH IN SALARIES FOR 2016.
-PURCHASED AIRLINE TICKETS FOR $500 IN DECEMBER FOR A TRIP TO TAKE PLACE IN
2017.
WHAT IS LA MORE'S 2016 NET INCOME USING ACCRUAL ACCOUNTING?
Transcribed Image Text:LA MORE COMPANY HAD THE FOLLOWING TRANSACTIONS IN 2016: -SALES OF $9,000 ON THE ACCOUNT. -COLLECTED $4,000 FOR SERVICES TO BE PERFORMED IN 2017. -PAID $3,750 CASH IN SALARIES FOR 2016. -PURCHASED AIRLINE TICKETS FOR $500 IN DECEMBER FOR A TRIP TO TAKE PLACE IN 2017. WHAT IS LA MORE'S 2016 NET INCOME USING ACCRUAL ACCOUNTING?
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