Calculation of fee revenue on accrual basis for 2017
Particulars Amount(in $)
Cash collections from patients 200000
Add: Closing balance of accounts receivable 25000
Add: Deferred fee revenue on 31-12-2016 2000
Less: Opening balance of Accounts receivable (18000)
Less: Deferred fee revenue on 31-12-2017 (8000)
201000
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?
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?
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?
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...
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...
Question 6 4 points Save Answer Dr. Young keeps his accounting records on the cash basis for his medical services business. During 2019. De Young collected $360,000 from his points on December 31, 2010 and 2018, he provides the following information December 31, 2010 December 31, 2013 Accounts receivable $70,000 350,000 Unearned revenue $10,000 On the accrual basis, how much was De Young's patient service revenue for 20192 A $380,000 $310.000 c. $390.000 D $370.000
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...
Sydney & Caesar Law Firm uses the accrual basis to keep their accounting records. During 2018, they collected $400,000 from clients. On December 31, 2017 they had accounts receivable of $61,000. On December 31, 2018 they had accounts receivable of $81,000 and unearned revenue of $24,000. Using the accrual basis, how much is Sydney & Caesar Law Firm's service revenue for 2018?
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)...
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...