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Al is a medical doctor who conducts his practice as a sole proprietor. Dur- ing 2015, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2014. At the end of 2015, Al had accounts receivable of $60,000, all for services rendered in 2015. In addition, at the end of the year, Al received $12,000 as an advance payment from a health mainte- nance organization (HMO) for services to be rendered in 2016. Compute Al's gross income for 2015:
a. Using the cash basis of accounting.
b. Using the accrual basis of accounting.
c. Advise Al on which method of accounting he should use.
The Tan Company purchased merchandise inventory on account with a list price of $5,000 and credit terms of 1/20, n/45. What was the net or cash cost for the merchandise?
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Write a memo discussing the advantages to a business of arranging a line of credit.
the detailing department of jackson manufacturing company has the following production and manufacturing cost data for
during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000
broadway arts inc. produces and sells theater set designs and costumes. the company began operations on january 1 2010.
If National actually produced 1,500 units, the flexible budget would show variable costs of what amount?
p1-6 data analysis manufacturing statement cost terminology oreilly manufacturing inc.s cost of goods sold for the
jerry and sally divorced in agreement on july 1 2012. jerry agreed to transfer to sally his interest in a rental home
Compute basic and diluted EPS for the year ended December 31, 2009.
If Kiki Co. uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
on december 31 2997 the company has 7m of short term debt inthe form of notes payable to the bank due in 2008. on
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