im Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients.
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- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021? $400500. $409500. $340500. $418500.f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts payable. What impact, If any, this payment will have on the answers you calculated for parts e-d (Increase, decrease, or no effect). g. Assume that instead of paying $15,000 of accounts payable on December 31, 2020. Hames collected $15,000 of accounts recelvable. What Impact, If any, this receipt will have on the answers you calculated for parts a-d (Increase, decrease, or no effect).
- Zack borrowed $30,000.00 at 9% on July 23, 2020. He repaid $15,000.00 on October 21 and $10,000.00 on December 16. Determine the final payment required on February 12, 2021 using the Merchant's Rule.During 2021, Robert has the following cash receipts: Wages: $50,000 Interest from City of Jackson Bonds: $500 Worker's compensation: $2,000 What is Robert’s 2021 Gross Income?On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.
- 2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?In 2020, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium as commission on policies issued under his account. In 2020, gross premiums under his account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. How much is to be included as gross income in 2020? Select one: а. Р318,000 b. exempt С. Р306,000 d. P96,000