Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law...
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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: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities January 1, 2024 $ 62,000 4,500 9,200 9,200 (for various expenses) In addition, 2024 depreciation expense on office equipment is $22,000. Required: Determine accrual basis net income for 2024. Add: Deduct: December 31, 2024 $ 55,000 6,000 8,200 11,000 12,200 15,600 
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: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities January 1, 2024 $ 62,000 4,500 9,200 9,200 (for various expenses) In addition, 2024 depreciation expense on office equipment is $22,000. Required: Determine accrual basis net income for 2024. Add: Deduct: December 31, 2024 $ 55,000 6,000 8,200 11,000 12,200 15,600
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