How much net income would she report

Assignment Help Accounting Basics
Reference no: EM132730070

Question - 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

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

Reference no: EM132730070

Questions Cloud

Which of the three suppliers is the most attractive : Bank at an annual rate of 10 percent in order to take any cash discounts. Which of the three suppliers is the most attractive to you and why?
Topic-formulation of dual of lpq : Question: Consider the following LP and formulate a dual of this linear program.:
Develop a spreadsheet model and find the optimal solution : Develop the linear programming model for this problem and Develop a spreadsheet model and find the optimal solution using Excel Solver
What is the company weighted average cost of capital : The company's effective income tax rate is 40%. What is the company's weighted average cost of capital (IN PERCENTAGE %)?.
How much net income would she report : Jill Accardo, MD, maintains accounting records of Accardo Clinic on a cash basis. If Jill prepared Net Income on an "accrual basis", how much Net Income report
Qualitative and quantitative research methods : What is unique in qualitative and quantitative research methods
Write a paper on the tcp-ip protocol suite : You will type a three to five page paper on the TCP/IP Protocol suite, its history and application. You may use the textbook in addition to researching.
What should be the operating income from item a : Assuming that the company incorporates these changes in its 2020 forecast, what should be the operating income from Item A
Create good character traits for running ethical business : Throughout this course you have read about various aspects of running a business. Many of these aspects include proper ethical practices

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd