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Blue Spruce Corp. had the following transactions during 2021. • Sales of $10440 on account •...

Blue Spruce Corp. had the following transactions during 2021.

• Sales of $10440 on account
• Collected $4640 for services to be performed in 2022
• Paid $3070 cash in salaries
• Purchased airline tickets for $580 in December for a trip to take place in 2022

What is Blue Spruce's 2021 net income using cash basis accounting?

$11430

$1570

$12010

$990
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Answer #1
Collection for services to be performed in 2022 4640
Less: Cash paid in salaries -3070
Less: Airline tickets purchased -580
Net income using cash basis accounting 990
Option D $990 is correct
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