(Cash to Accrual Basis) Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2017, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2017, and December 31, 2017, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All longlived assets are rented.) January 1, 2017 December 31, 2017Accounts receivable$9,250$15,927Unearned service revenue2,8404,111Accrued expenses3,4352,108Prepaid expenses1,9173,232InstructionsPrepare a schedule that converts Dr. Accardo’s “excess of cash collected over cash disbursed” for the year 2017 to net income onan accrual basis for the year 2017.

Name: (Cash to Accrual Basis) Jill Accardo, M.D., maintains the accounting r
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Description: (Cash to Accrual Basis) Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2017, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2017, and December 31, 2017, she

Excess of cash collected over cash disbursed = Total collections - Total expenses Excess of cash…

Answered: (Cash to Accrual Basis) Jill Accardo,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Cash to Accrual Basis) Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2017, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2017, and December 31, 2017, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All longlived assets are rented.)

	January 1, 2017	December 31, 2017
Accounts receivable	$9,250	$15,927
Unearned service revenue	2,840	4,111
Accrued expenses	3,435	2,108
Prepaid expenses	1,917	3,232

Instructions
Prepare a schedule that converts Dr. Accardo’s “excess of cash collected over cash disbursed” for the year 2017 to net income on
an accrual basis for the year 2017.

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