Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses. On December 31, 2020 and December 31, 2021, he had the following accounts with balances as follows: Prepaid expenses Accrued expenses Professional Fees receivable Dec. 31, 2021 P16,100 27,500 38,000 86,700 Dec. 31, 2020 P15,000 33,400 P185,000 42,800 Unearned professional fees Tnda the go gNual hasis Duofascional Tags bu Aths Raun for tha vags 2021 a ueunts
Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses. On December 31, 2020 and December 31, 2021, he had the following accounts with balances as follows: Prepaid expenses Accrued expenses Professional Fees receivable Dec. 31, 2021 P16,100 27,500 38,000 86,700 Dec. 31, 2020 P15,000 33,400 P185,000 42,800 Unearned professional fees Tnda the go gNual hasis Duofascional Tags bu Aths Raun for tha vags 2021 a ueunts
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 33P
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Question
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to?
![Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the
year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses.
On December 31, 2020 and December 31, 2021, he had the following accounts with balances as
follows:
Dec. 31, 2021
Dec. 31, 2020
P15,000
Prepaid expenses
Accrued expenses
Professional Fees receivable
P16,100
27,500
38,000
86,700
33,400
P185,000
42,800
Unearned professional fees
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a673ebf-5e4d-479b-ab34-9cffb68c9eb7%2F144e23bf-bbc3-498f-b594-a13c20c6fc7c%2Ftn1b0l9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the
year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses.
On December 31, 2020 and December 31, 2021, he had the following accounts with balances as
follows:
Dec. 31, 2021
Dec. 31, 2020
P15,000
Prepaid expenses
Accrued expenses
Professional Fees receivable
P16,100
27,500
38,000
86,700
33,400
P185,000
42,800
Unearned professional fees
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to
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