Compute net income on an accrual basis for the year 2012

Reference no: EM13600505

Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2012, Dr. Dunbar collected $144,600 from her patients and paid $61,310 in expenses. At January 1, 2012, and December 31, 2012, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.)

January 1, 2012
December 31, 2012
Accounts receivable $12,291 $15,937
Unearned service revenue 2,989 4,203
Accrued expenses 3,533 2,386
Prepaid expenses 1,939 3,268

Compute net income on an accrual basis for the year 2012 starting with excess of cash collected over cash disbursed for the year 2012.
Net income on an accrual basis

Reference no: EM13600505

Questions Cloud

The 2010 income statement of holly enterprises shows : the 2010 income statement of holly enterprises shows operating revenues of 134800 selling expenses of 38310 general

Xyz company entered into a lease of special equipment to : xyz company entered into a lease of special equipment to pace company. the lease term was six years. the equipment cost

How does each affect the cost of goods soldwhat elements : 1. what are the acceptable inventory valuation methods under the u. s. gaap?2. how does each affect the valuation of

Identify three major accounting issues on which ifrs and : identify three major accounting issues on which ifrs and us gaap currently differ.for each outline the nature of the

Compute net income on an accrual basis for the year 2012 : corinne dunbar m.d. maintains the accounting records of dunbar clinic on a cash basis. during 2012 dr. dunbar collected

Given the current economic situation what can companies do : given the current economic situation what can companies do to boost reported earnings? are there any accounting rules

Dennis is currently considering investing in municpal bonds : dennis is currently considering investing in municpal bonds that earn 8.80 percent interest or in a taxable bonds

Presented here is basic financial information in millions : presented here is basic financial information in millions from the 2006 annual reports of green co. and brown co.green

Faxon company which has only one product has provided the : faxon company which has only one product has provided the following data concerning its most recent month of operations

User Account

All Pages