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Homework answers / question archive / Sandra Robinson, M

Sandra Robinson, M

Accounting

Sandra Robinson, M.D., maintains the accounting records of Robinson Clinic on a cash basis. During 2020, Dr. Robinson collected $152,164 from her patients and paid $49,931 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.)

 

Prepare schedule that converts Dr. Robinson's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.

 

January 1 2020 December 31 2020

Accounts Receivable $8,684 $15,786

Unearned service revenue 2,626 4,015

Accrued expenses 3,691 2,266

Prepaid expenses 1,878 3,444

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