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Problem - Decision Making, Al is a medical doctor who conducts his practice as a sole proprietor. During 2019, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2018. At the end of 2019, Al had accounts receivable of $60,000, all for services rendered in 2019. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2020. Compute Al's gross income for 2019:
a. Using the cash basis of accounting.
b. Using the accrual basis of accounting.
c. Advise Al on which method of accounting he should use.
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