Al is a medical doctor who conducts his practice as a sole proprietor. During 2016,...
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Accounting
Al is a medical doctor who conducts his practice as a sole proprietor. During 2016, he received cash of $695,200 for medical services. Of the amount collected, $52,800 was for services provided in 2015. At the end of 2016, Al had accounts receivable of $91,400, all for services rendered in 2016. In addition, at the end of the year, Al received $9,500 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2017. Compute Al's gross income for 2016: a. Using the cash basis of accounting. b. Using the accrual basis of accounting.
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