Dr. John Gleason, M.D., maintains the accounting records of Bones Clinic on a cash basis. During 2014, Dr. Gleason collected 5146,000 in revenues and paid 555,470 in expenses. At January 1, 2014, and December 31, 2014, he had accounts receivable, unearned revenue, accrued liabilities, and prepaid expenses as follows (all long-lived assets are rented): Instructions Last week, Dr. Gleason asked you, his CA, to help him determine his income on the accrual basis. Write a letter to him explaining what you did to calculate net income on the accrual basis. Be sure to state net income on the accrual basis and to include a schedule of your calculations.
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