Jim Crane, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Crane collected...
Jim Crane, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Crane collected $380000 from his patients. At December 31, 2020, Dr. Crane had accounts receivable of $38500. At December 31, 2021, Dr. Crane had accounts receivable of $69000 and unearned revenue of $11000. On the accrual basis, how much was Dr. Crane's patient service revenue for 2021?
Homework Answers
| Answer | |
|
Calculation of Dr. Crane's patient service revenue for 2021 (accrual basis) |
|
| Cash Collected | $ 380,000 |
| Less- Account Receivable , Beginning | -$ 38,500 |
| Add-Account Receivable , Ending | $ 69,000 |
| Less-Unearned Revenue | -$ 11,000 |
|
Dr. Crane's patient service revenue for 2021 |
$ 399,500 |
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