TCL Company had the following transactions during 2021 1. Sales of P4,500 on account 2. Collected P2,000 for services to be performed in 2022 3. Paid P625 cash in salaries 4. Purchased airline tickets for P250 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 P4,500 on account 2. Collected P2,000 for services to be performed in 2022 3. Paid P625 cash in salaries 4. Purchased airline tickets for P250 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?
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...
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