Solution-How much net income would she report

How much net income would she report

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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

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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

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How much net income would she report

Reference no: EM132730070

Reference no: EM132730070

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