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Accounting
Metlock, Inc. had the following transactions during 2016. • Sales of $8100 on account • Collected $3600 for services to be performed in 2017 • Paid $2390 cash in salaries • Purchased airline tickets for $450 in December for a trip to take place in 2017 What is Metlock's 2016 net income using cash basis accounting? a.) $1210 b.) $9310 c.) $760 d.) $8860

Metlock, Inc. had the following transactions during 2016. • Sales of $8100 on account • Collected $3600 for services to be performed in 2017 • Paid $2390 cash in salaries • Purchased airline tickets for $450 in December for a trip to take place in 2017 What is Metlock's 2016 net income using cash basis accounting? a.) $1210 b.) $9310 c.) $760 d.) $8860

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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Metlock, Inc. had the following transactions during 2016.

• Sales of $8100 on account
• Collected $3600 for services to be performed in 2017
• Paid $2390 cash in salaries
• Purchased airline tickets for $450 in December for a trip to take place in 2017

What is Metlock's 2016 net income using cash basis accounting?

a.) $1210

b.) $9310

c.) $760

d.) $8860

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