What is lumas net income using cash basis accounting ? Luma Co. had the following transactions in2020:..•Sales of $5,200 on accountCollected $2,200 for services to be performedin 2021Paid $1,500 cash in salaries. Bought event tickets for $300 in Decemberfor 2021What is Luma's 2020 net income using cash-basis accounting?

Understanding Cash-Basis AccountingIn cash-basis accounting, revenue is recognized when cash is…

Answered: Luma Co. had the following transactions…

Individual Income Taxes

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Chapter18: Accounting Periods And Methods

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Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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In 2021, Hope Company incurred sales on account of $105,000. The company also has the following information: December 31, 2021 December 31, 2020 Accounts Receivable $21,500 $53,000 Accounts Payable $72,000 $47,000 What is the amount of cash received from customers for Hope Company in 2021? Multiple Choice $114,400 $136,500 $105,000 $88,500
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TCL Company had the following transactions during 2021 1. Sales of $4,500 on account 2. Collected P2,000 for services to be performed in 2022 3. Paid P625 cash in salaries 4. Purchased airline tickets for $250 in December for a trip to take place in 2022 What is TCL's 2021 net income using accrual accounting? What is TCL's net income using cash basis accounting?
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Luma Co. had the following transactions in 2020: . . • Sales of $5,200 on account Collected $2,200 for services to be performed in 2021 Paid $1,500 cash in salaries . Bought event tickets for $300 in December for 2021 What is Luma's 2020 net income using cash- basis accounting?