Debra King M D Maintains The Accounting Records Of King Clinic On A Cash Basis During 2020 Dr King Collected 136 1 (30.58 KiB) Viewed 10 times
Debra King M D Maintains The Accounting Records Of King Clinic On A Cash Basis During 2020 Dr King Collected 136 2 (28.28 KiB) Viewed 10 times
Debra King, M.D., maintains the accounting records of King Clinic on a cash basis. During 2020, Dr. King collected $136,331 from her patients and paid $52,958 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $8,376 $17,419 Unearned service revenue 2,835 4,458 Accrued expenses 3,203 2,082 Prepaid expenses 1.858 3,350 Prepare a schedule that converts Dr. King's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.
Prepare a schedule that converts Dr. King's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020. DEBRA KING, M.D. Conversion of Cash Basis to Accrual Basis For the Year 2020 >
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!