Homework Answers
Computation of total service revenue for 2019
| Amount collected during the year | $360000 |
| Add: Account receivable on 31.12.2019 | $70000 |
| Less:Account receivable on 31.12.2018 | ($50000) |
| Less: Unearned revenue on 31.12.2019 | ($10000) |
| Total service revenue for the year 2019 | $370000 |
(Since the revenue is not actually earned at the end of the year, we cannot take unearned revenue for current year computation. )
In accrual basis of accounting, revenue and expenses are recorded when a transaction occurs irrespective of whether the payment is made or received.
Recognize revenue - when they are actually earned
Recognize Expenses - when they are incurred
Under cash basis, the transactions must be recorded only when cash is actually received or paid.Sales should be recorded when cash is actually received and expenses should be recorded when cash is actually paid.
Add Answer to:
Question 6 4 points Save Answer Dr. Young keeps his accounting records on the cash basis...
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?
Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 2017, he collected $200,000...
Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 2017, he collected $200,000 in fees from his patients. At December 31, 2016, Dr. Hamilton had accounts receivable of $18,000 and no liability for deferred fee revenue. At December 31, 2017, he had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. Required: On an accrual basis, what was Dr. Hamilton's patient service revenue for 2017?
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During...
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During 2017, she collected $200,000 in fees from her patients. At December 31, 2016. Johnson had accounts receivable of $18,000 and a liability for deferred fee revenue of $2,000. At December 31, 2017, she had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. On an accrual basis, what was Dr. Johnson's patient fee revenue for 2017?
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During...
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During 2017, she collected $200,000 in fees from her patients. At December 31, 2016. Johnson had accounts receivable of $18,000 and a liability for deferred fee revenue of $2,000. At December 31, 2017, she had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. On an accrual basis, what was Dr. Johnson's patient fee revenue for 2017?
Hi, please explain on conceptual basis for the correct answers. Thanks *120. Jim Yount, M.D., keeps...
Hi, please explain on conceptual basis for the correct answers. Thanks *120. Jim Yount, M.D., keeps his accounting records on the cash basis. During 2015, Dr. Yount collected $350,000 from his patients. At December 31, 2014, Dr. Yount had accounts receivable of $40,000. At December 31, 2015, Dr. Yount had accounts receivable of $70,000 and unearned revenue of $10,000. On the accrual basis, how much was Dr. Yount's patient service revenue for 2015? a. $310,000. b. $370,000.(correct answer)...
Michelle Walker, M.D., maintains the accounting records of Walker Clinic on a cash basis. During 2020,...
Michelle Walker, M.D., maintains the accounting records of Walker Clinic on a cash basis. During 2020, Dr. Walker collected $152,353 from her patients and paid $52,375 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 $8,595 $16,162 Unearned service revenue 3,068 4,456 Accrued expenses 3,320 2,049 Prepaid expenses 2,035 3,078 Prepare a...
Margaret Moore, M.D., maintains the accounting records of Moore Clinic on a cash basis. During 2020,...
Margaret Moore, M.D., maintains the accounting records of Moore
Clinic on a cash basis. During 2020, Dr. Moore collected $132,258
from her patients and paid $50,809 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
$9,283
$17,324
Unearned service revenue
2,638
4,517
Accrued expenses
3,723
1,957
Prepaid expenses
1,905
3,397
Prepare a...
Helen Martin, M.D., maintains the accounting records of Martin Clinic on a cash basis. During 2020,...
Helen Martin, M.D., maintains the accounting records of Martin Clinic on a cash basis. During 2020, Dr. Martin collected $141,986 from her patients and paid $51,749 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 $9,012 $15,880 Unearned service revenue 2,940 4,440 Accrued expenses 3,247 2,113 Prepaid expenses 1,978 3,353 Prepare a...
Question 3 AC Corp. maintains its financial records on the cash basis of accounting. AC Corp....
Question 3 AC Corp. maintains its financial records on the cash basis of accounting. AC Corp. is trying to secure financing from an investor who wishes to see the financial information on accrual basis. You, the CPA of the firm, have been requested to convert the financial information to accrual basis. You are provided with the following summarized data covering 2016, 2017, and 2018 by the firm. 2016 2017 2018 Cash Receipts from Sales On 2016 Sales $180,000 $55,000 $12,000...
Sparky's Family Practice, M.D., maintains the accounting records of the clinic on a cash basis. During...
Sparky's Family Practice, M.D., maintains the accounting records of the clinic on a cash basis. During 20x1, Dr. Sparky collected $142,600 from the patients and paid $55,470 in expenses. At January 1, 20x1 and December 31, 20x1, the clinic had the following assets and liabilities. January 1, 20x1 December 31, 20x1 Accounts Receivable $9,200 $15,900 Unearned Revenue 2,800 4,100 Accrued Expenses 3,400 2,300 Prepaid Expenses 1,900 3,400 Equipment 40,000 40,000 *For accrual accounting purposes, Sparky uses a straight-line method of...
Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 2017, he collected $200,000 in fees from his patients. At December 31, 2016, Dr. Hamilton had accounts receivable of $18,000 and no liability for deferred fee revenue. At December 31, 2017, he had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. Required: On an accrual basis, what was Dr. Hamilton's patient service revenue for 2017?
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During 2017, she collected $200,000 in fees from her patients. At December 31, 2016. Johnson had accounts receivable of $18,000 and a liability for deferred fee revenue of $2,000. At December 31, 2017, she had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. On an accrual basis, what was Dr. Johnson's patient fee revenue for 2017?
Dr. Johnson who runs a family practice keeps her accounting records on a cash basis. During 2017, she collected $200,000 in fees from her patients. At December 31, 2016. Johnson had accounts receivable of $18,000 and a liability for deferred fee revenue of $2,000. At December 31, 2017, she had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. On an accrual basis, what was Dr. Johnson's patient fee revenue for 2017?
Michelle Walker, M.D., maintains the accounting records of Walker Clinic on a cash basis. During 2020, Dr. Walker collected $152,353 from her patients and paid $52,375 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 $8,595 $16,162 Unearned service revenue 3,068 4,456 Accrued expenses 3,320 2,049 Prepaid expenses 2,035 3,078 Prepare a...
Margaret Moore, M.D., maintains the accounting records of Moore
Clinic on a cash basis. During 2020, Dr. Moore collected $132,258
from her patients and paid $50,809 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
$9,283
$17,324
Unearned service revenue
2,638
4,517
Accrued expenses
3,723
1,957
Prepaid expenses
1,905
3,397
Prepare a...
Most questions answered within 3 hours.
-
Please use algebraic manipulation to prove the following
statement:
x'y'z' + x'yz' + x'yz + xyz'...
asked 6 seconds ago -
3.Another patient has a family history in which:
1. the disease was equally distributed among the...
asked 3 minutes ago -
If you are the TM of a shipper of cooking oil the sales
department wants to...
asked 1 minute ago -
NEED THIS URGENTLY PLEASEEE
Suppose a fair coin is tossed 5 times and the result are...
asked 10 minutes ago -
Find the magnetic field B produced by several circular loops of
which has a radius given...
asked 18 minutes ago -
A mole of monatomic ideal gas is expanded from 0.45 L to 0.75L
at an external...
asked 17 minutes ago -
Carbon dioxide (CO2) gas is steadily pressurized and cooled by
sending it sequentially through a compressor...
asked 21 minutes ago -
calculare the standard deviation of a portfolio that contains 40%
of one stock with a standard...
asked 18 minutes ago -
When exposed to sunlight, a hole in a sheet of copper expands in
diameter by 0.160...
asked 36 minutes ago -
Economists believe that there are many nonmonetary gains from
further trade opening. Which of the following...
asked 38 minutes ago -
For message exchange over the Internet, the specific processes
that send and receive packets are identified...
asked 31 minutes ago -
How would
you create a group that promotes multicultural
understanding?
Should a
session conducted with youth...
asked 37 minutes ago