Question: Haskins and Jones Attorneys at Law maintains its books on a ca

Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2011, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, unearned fee revenue, and accrued liabilities:

In addition, 2011 depreciation expense on furniture and fixtures is $22,000.

Required:
Determine accrual basis net income for 2011.


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  • CreatedJune 24, 2013
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