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.

Accrual Accounting

A financial recording technique that logs income and expenditures at the time they are accrued or incurred, irrespective of the actual cash flow timing.

Net Income

The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.

Sales

The total amount of revenue generated from goods or services sold by a business.