Wing Company had the following transactions during 2016: Sales of $50,000 on account . Collected $60,000...

  

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Wing Company had the following transactions during 2016: Sales of $50,000 on account . Collected $60,000 for services to be performed in 2017 Paid $10,000 cash in salaries I Purchased airline tickets for $9,000 cash in December 2016 for a trip to take place in 2017 What is Wing's 2016 net income using cash basis accounting? (A) $41,000 (B) $100,000 $90,000 D) $50,000 Wing Company had the following transactions during 2016: Sales of $50,000 on account . Collected $60,000 for services to be performed in 2017 Paid $10,000 cash in salaries I Purchased airline tickets for $9,000 cash in December 2016 for a trip to take place in 2017 What is Wing's 2016 net income using cash basis accounting? (A) $41,000 (B) $100,000 $90,000 D) $50,000

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Cash received from customers in advance 60000 Salar... View the full answer