Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law firm collected
Question:
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law firm collected $545,000 for services rendered to its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities:
In addition, 2024 depreciation expense on office equipment is $22,000.
Required:
Determine accrual basis net income for 2024.
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Cash basis income 545000412000 Add Increase in prepaid insurance 600...View the full answer
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