Question: 6. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized

6. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized $19,000 Accounts receivable 3,000 Expenses incurred 7,250 Accounts payable (related to expenses) 750 Supplies purchased with cash 1,800 a. $11,750 b. $14,000 c. $9,500 d. $12,200 Chapter 4 Question Review 7. La More Company had the following transactions during 20X1. Sales of $9,000 on account Collected $4,000 for services to be performed in 20x2 Paid $2,650 cash in salaries Exp Purchased airline tickets for $500 in December for a trip to take place in 20X What is La More's 20x1 net income using cash basis accounting? a. $10,350 b. $1,350 $9,850 d. $850 C. tamente ie the

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