Question: The ABC Co . delivered $ 5 , 0 0 0 worth of window washing services in 2 0 2 4 but only collected $

The ABC Co. delivered $5,000 worth of window washing services in 2024 but only collected $4,300 in cash from customers this year. Its only expense is payroll, for which it paid $3,500 in 2024. At the end of the year, it had $550 in unpaid payroll. What would its net income be under accrual accounting?
Group of answer choices
$1,500.00
$950.00
$800.00
$250.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!