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?

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?

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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