Reference no: EM132711049

Jill Accardo, MD, maintains the accounting records of Accardo Clinic on a cash basis. During 2020, Dr Accardo collected $ 142,600 from her patients, and paid $ 55,470 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          $ 9,250          $ 15,927

Unearned Service Revenue      2,840                       4,111

Accrued Expenses                3,435                         2,108

Prepaid Expenses                1,917                         3,232

Problem 1: If Jill prepared Net Income on an "accrual basis", how much Net Income would she report for 2020?