Question 5 La More Company had the following transactions during 2013.

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 Question 5

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?

 

$675

 

$5,175

 

$425

 

$4,925
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