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Al is a medical doctor who conducts his practice as a sole proprietor. Dur- ing 2015, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2014. At the end of 2015, Al had accounts receivable of $60,000, all for services rendered in 2015. In addition, at the end of the year, Al received $12,000 as an advance payment from a health mainte- nance organization (HMO) for services to be rendered in 2016. Compute Al's gross income for 2015:
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.
roddickton manufacturing co. has gathered the following information to develop predetermined oh rates for 2013. the
Calculate the amount to be debited or credited for equipment during the preparation of the 2008 consolidated financial statements.
in 2040 your investment account along with your retirement fund has resulted in a tidy sum of 3.75 million dollars so
Evaluate the company's business strategy and global competitiveness plan.
Auto Spa Company was started on January 1, 2013, when the owners invested $120,000 cash in the business.
the peace barber shop employs four barbers. one barber who also serves as the manager is paid a salary of 1800 per
we spent a substantial amount of time in week 4 discussing the payment and taxation of corporate dividends. some of
in the general meeting of friends club sameer said the repairs to the club will come to a total of rs 3120 and i
after the accounts are adjusted and closed at the end of the fiscal year accounts receivable has a balance of 471200
The Tiernan Gallery and Art Museum distributes to its visitors a printed guide to its collections. There are about 18000 visitors per year. Holding costs for the brochures are 20% and it costs $30 to place an order with the printer.
During the accounting period, Springfield recorded $32,000 of service revenue on account. The company also wrote off a $300 account receivable.
You are an audit manager with ConstantinTsiakos(CT) .For the past four yearsCT has been the auditor of Touring Away (TA), a travel company specialising in overseas adventure holidays .Peter the senior audit partner has asked you to contact Jake ..
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