Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, M.D.: 

Ed Sloan has requested information from Kim as to what his professional fees earned would be under the accrual-basis system of accounting. Kim has asked you to provide Dr. Sloan with this information, basing it on the following facts that Kim ignored in the original preparation of the financial report: 

Transcribed Image Text:

ED SLOAN, M.D. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 50 00 0 00 18 00 0 00 32 00 0 00 Professional Fees Earned Expenses Net Income