Jim Cullumber, M

Accounting Sep 29, 2020

Jim Cullumber, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Cullumber collected $400000 from his patients. At December 31, 2020, Dr. Cullumber had accounts receivable of $38000. At December 31, 2021, Dr. Cullumber had accounts receivable of $69000 and unearned revenue of $12000. On the accrual basis, how much was Dr. Cullumber's patient service revenue for 2021?

Expert Solution

Service revenue for 2021= Cash Collected- Beginning Account Receivable+ Ending Account Receivable- Unearned Revenue

= $400000- $38000+ $69000- $12000

= $ 419000

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote