Toole Company Had the Following Transactions During 2016 $\bullet$ Sales of $4200 on Account

Toole Company had the following transactions during 2016:
$\bullet$ Sales of $4200 on account
$\bullet$ Collected $2500 for services to be performed in 2017
$\bullet$ Paid $1580 cash in salaries
$\bullet$ Purchased airline tickets for $350 in December for a trip to take place in 2017
What is Toole's 2016 net income using accrual accounting?

A) $2370.
B) $2620.
C) $4770.
D) $5120.

Correct Answer:

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