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Oakridge Inc. had the following transactions during 2023: Sales of $12,500 on account. • Collected $4,200 for services to be performed in 2024. • Paid $5,300 cash in salaries for 2023. ⚫ Purchased office supplies for $750 in December for use in 2024. What is Oakridge's 2023 net income using accrual accounting? a. $7,200 b. $6,450 c. $11,400 d. $10,650

Oakridge Inc. had the following transactions during 2023: Sales of $12,500 on account. • Collected $4,200 for services to be performed in 2024. • Paid $5,300 cash in salaries for 2023. ⚫ Purchased office supplies for $750 in December for use in 2024. What is Oakridge's 2023 net income using accrual accounting? a. $7,200 b. $6,450 c. $11,400 d. $10,650

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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Oakridge Inc. had the following transactions during 2023: Sales of $12,500 on account. • Collected $4,200 for services to be performed in 2024. • Paid $5,300 cash in salaries for 2023. ⚫ Purchased office supplies for $750 in December for use in 2024. What is Oakridge's 2023 net income using accrual accounting? a. $7,200 b. $6,450 c. $11,400 d. $10,650
Transcribed Image Text:Oakridge Inc. had the following transactions during 2023: Sales of $12,500 on account. • Collected $4,200 for services to be performed in 2024. • Paid $5,300 cash in salaries for 2023. ⚫ Purchased office supplies for $750 in December for use in 2024. What is Oakridge's 2023 net income using accrual accounting? a. $7,200 b. $6,450 c. $11,400 d. $10,650
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