EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021?
$400500.
$409500.
$340500.
$418500.
Last year Nate opened a savings account with a deposit of $17,250. The account was in the name of Nate and Derrick, joint tenancy
with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,750.
Required:
a-1. Has Nate made a complete gift?
a-2. What is the amount of the complete gift, if any, and when was the gift made?
Complete this question by entering your answers in the tabs below.
Req A1
Req A2
What is the amount of the complete gift, if any, and when was the gift made?
Amount of complete gift
At the time of withdrawal
Jim Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients. At December 31, 2020, Dr. Young had accounts receivable of P50,000. At December 31, 2021, Dr. Young had accounts receivable of P70,000 and unearned revenue of P10,000. On the accrual basis, how much was Dr. Young's patient service revenue for 2021?
a. P 410,000.
b. P 470,000.
c. P 480,000.
d. P 490,000.
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