Oriole Company had • Sales of $10080 on account • Collected $4480 for services to be performed in 2017 • Paid $4200 cash in salaries for 2016 • Purchased airline tickets for $560 in December for a trip to take placei What is Oriole's 2016 net income using a crual accounting?

Oriole Company had • Sales of $10080 on account • Collected $4480 for services to be performed in 2017 • Paid $4200 cash in salaries for 2016 • Purchased airline tickets for $560 in December for a trip to take placei What is Oriole's 2016 net income using a crual accounting?

Name: Current Attempt in ProgressOriole Company had the following transacti
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Description: Current Attempt in ProgressOriole Company had the following transactions during 2016:• Sales of $10080 on account• Collected $4480 for services to be performed in 2017• Paid $4200 cash in salaries for 2016• Purchased airline tickets for $560 in Dece

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Current Attempt in Progress
Oriole Company had the following transactions during 2016:
• Sales of $10080 on account
• Collected $4480 for services to be performed in 2017
• Paid $4200 cash in salaries for 2016
• Purchased airline tickets for $560 in December for a trip to take place in 2017
What is Oriole's 2016 net income using a crual accounting?
O $5880
O $10360
O $6440
O $10920
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