Susan Wilson, M.D., maintains the accounting records of Wilson Clinic on a cash basis. During 2020, Dr. Wilson collected $155,992 from her patients and paid $60,414 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 $8,733 $17,087 Unearned service revenue 2,669 4,464 Accrued expenses 3,096 2,024 Prepaid expenses 2,035 2,924 Prepare a schedule that converts Dr. Wilson's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.

Susan Wilson, M.D., maintains the accounting records of Wilson Clinic on a cash basis. During 2020, Dr. Wilson collected $155,992 from her patients and paid $60,414 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 $8,733 $17,087 Unearned service revenue 2,669 4,464 Accrued expenses 3,096 2,024 Prepaid expenses 2,035 2,924 Prepare a schedule that converts Dr. Wilson's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.

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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