In 2015, Dr. Wesley received $300 000 from her patients and paid $170 000 for operating expenses. Additionally she has accounts receivable, unearned service revenue, accrued liabilities, and prepaid expenses as shown below. December December 31, 2014 31, 2015 12 000 9 000 Accounts Receivable Unearned 0 4 000 Service Revenue 2 000 5 500 Accrued Liabilities 1 800 2 700 Prepaid Expenses Determine net income using the cash basis of accounting. Determine net income using the accrual basis of accounting.

In 2015, Dr. Wesley received $300 000 from her patients and paid $170 000 for operating expenses. Additionally she has accounts receivable, unearned service revenue, accrued liabilities, and prepaid expenses as shown below. December December 31, 2014 31, 2015 12 000 9 000 Accounts Receivable Unearned 0 4 000 Service Revenue 2 000 5 500 Accrued Liabilities 1 800 2 700 Prepaid Expenses Determine net income using the cash basis of accounting. Determine net income using the accrual basis of accounting.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 32P

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