Question:4.6 La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting?

Question:4.6 La More Company had the following transactions during 2013. Sales of $4,500 on account. Collected $2,000 for services to be performed in 2014. Paid $1,325 cash in salaries. Purchased airline tickets for $250 in December for a trip to take place in 2014. What is La More's 2013 net income using cash basis accounting?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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