Homework Answers
| Calculation of AI's Gross Income for 2020 | |
| Payment of service rendered and paid in 2020 | $160,000 |
| Add: Accout receivable held for services rendered in 2020 | $10,000 |
| AI's Gross Income for 2020 | $170,000 |
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oblem Set Question 17 0.5 pts owns an accounting practice (sole proprietorship). During 2020, Al received...
Question 16 0.4 pts Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments...
Question 16 0.4 pts Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000 consists of: • $30,000 payment for services rendered in 2019 but not paid by the client until 2020 • $160,000 payment for services rendered and paid in 2020 • $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Ann held accounts receivable...
Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000...
Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000 consists of: $30,000 payment for services rendered in 2019 but not paid by the client until 2020 $160,000 payment for services rendered and paid in 2020 $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Ann held accounts receivable of $10,000, all for services rendered in...
Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000...
Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000 consists of $30,000 payment for services rendered in 2019 but not paid by the client until 2020 $160,000 payment for services rendered and paid in 2020 $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Ann held accounts receivable of $10,000, all for services rendered in...
Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he...
Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $661,000 for medical services. Of the amount collected, $40,800 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $96,500, all for services rendered in 2020. In addition, at the end of the year, Al received $16,500 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2021. a....
Al is a medical doctor who conducts his practice as a sole proprietor. During 2019, he...
Al is a medical doctor who conducts his practice as a sole proprietor. During 2019, he received cash of $592,600 for medical services. Of the amount collected, $52,800 was for services provided in 2018. At the end of 2019, Al had accounts receivable of $93,100, all for services rendered in 2019. In addition, at the end of the year, Al received $16,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2020. a....
Problem 4-15 (Algorithmic) (LO. 2) Al is a physician who conducts his practice as a sole...
Problem 4-15 (Algorithmic) (LO. 2) Al is a physician who conducts his practice as a sole proprietor. During 2019, he received cash of $558,400 for medical services. Of the amount collected, $40,800 was for services provided in 2018. At the end of 2019, Al held accounts receivable of $89,700, all for services rendered in 2019. In addition, at the end of the year, Al received $17,000 as an advance payment from a health maintenance organization (HMO) for services to be...
Problem 4-31 (Algorithmic) (LO. 2, 5) Al is a medical doctor who conducts his practice as...
Problem 4-31 (Algorithmic) (LO. 2, 5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $507,800 for medical services. Of the amount collected, 533,500 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $91,400, all for services rendered in 2020. In addition, at the end of the year, Al received $15,000 as an advance payment from a health maintenance organization (HMO) for services...
Problem 4-31 (Algorithmic) (LO. 2,5) Al is a medical doctor who conducts his practice as a...
Problem 4-31 (Algorithmic) (LO. 2,5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $474,800 for medical services. Of the amount collected, $54,000 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $89,700, all for services rendered in 2020. In addition, at the end of the year, Al received $16,500 as an advance payment from a health maintenance organization (HMO) for services to...
Question 2 2 pts Vicki owns and operates a news agency (as a sole proprietorship). During 2016, s...
Question 2 2 pts Vicki owns and operates a news agency (as a sole proprietorship). During 2016, she incurred expenses of $24,000 to increase circulation of newspapers and magazines that her agency distributes. For regular income tax purposes, she elected to expense the $24,000 in 2016. In addition, Vicki incurred $15,000 in circulation expenditures in 2017 and again elected expense treatment. What AMT adjustments will be required in 2016 and 2017 as a result of the circulation expenditures? $16.000 positive...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by investing $10,000. Jan. 3 the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year Jan. 5 the business purchased $12,000 of equipment for cash. Jan. 8 Kelly's rendered service to his first corporate client and earned $2,500 in cash. Jan. 12 Kelly's incurred repair expense of $1,200 and promised to pay...
Question 16 0.4 pts Ann owns an accounting practice (sole proprietorship). During 2020, Ann received payments of $200,000. The $200,000 consists of: • $30,000 payment for services rendered in 2019 but not paid by the client until 2020 • $160,000 payment for services rendered and paid in 2020 • $10,000 prepayment received in 2020 for services that will be rendered in 2021 In addition to the $200,000 payments received in 2020, at the end of 2020 Ann held accounts receivable...
Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $661,000 for medical services. Of the amount collected, $40,800 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $96,500, all for services rendered in 2020. In addition, at the end of the year, Al received $16,500 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2021. a....
Problem 4-15 (Algorithmic) (LO. 2) Al is a physician who conducts his practice as a sole proprietor. During 2019, he received cash of $558,400 for medical services. Of the amount collected, $40,800 was for services provided in 2018. At the end of 2019, Al held accounts receivable of $89,700, all for services rendered in 2019. In addition, at the end of the year, Al received $17,000 as an advance payment from a health maintenance organization (HMO) for services to be...
Problem 4-31 (Algorithmic) (LO. 2, 5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $507,800 for medical services. Of the amount collected, 533,500 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $91,400, all for services rendered in 2020. In addition, at the end of the year, Al received $15,000 as an advance payment from a health maintenance organization (HMO) for services...
Problem 4-31 (Algorithmic) (LO. 2,5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $474,800 for medical services. Of the amount collected, $54,000 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $89,700, all for services rendered in 2020. In addition, at the end of the year, Al received $16,500 as an advance payment from a health maintenance organization (HMO) for services to...
Question 2 2 pts Vicki owns and operates a news agency (as a sole proprietorship). During 2016, she incurred expenses of $24,000 to increase circulation of newspapers and magazines that her agency distributes. For regular income tax purposes, she elected to expense the $24,000 in 2016. In addition, Vicki incurred $15,000 in circulation expenditures in 2017 and again elected expense treatment. What AMT adjustments will be required in 2016 and 2017 as a result of the circulation expenditures? $16.000 positive...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by investing $10,000. Jan. 3 the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year Jan. 5 the business purchased $12,000 of equipment for cash. Jan. 8 Kelly's rendered service to his first corporate client and earned $2,500 in cash. Jan. 12 Kelly's incurred repair expense of $1,200 and promised to pay...
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