Case 1 4 Net Income versus cash flow On January 9, 20 , Dr Susan Tempkin established DocMed, a medical practice organized as a professional corporation The below conversation took place the following September between Dr Tempkin and a former medical school classmate, Dr Phil Anzar, at an Ameri can Medical Association convention in London Dr Anzar Susan, good to see you again Why didn't you call when you were in Chicago We could have had dinner together Dr Tempkin Actually, I never made it to Chicago this year My husband and kids went to our Wisconsin Dells condo twice, but I got stuck in New York I opened a new consulting practice this January and haven't had any time for myself since Doc Dr Anzar I heard about it something MEN righe Dr Templin Yes, DocMed My husband chose the name Dr Anzar I've thought about doing something like that Are you making any money mean, is it worth your time Dr Tempkin You wouldn't believe it I started by opening a bank account with $40,000, and my August bank statement shows a balance of $215,000 Not bad for eight monthsall pure profit Dr Anzar Maybe I'll try it in Chicago Let's have breakfast together tomorrow and you can fill me in on the details Comment on Dr Tempkin's statement that the difference between the opening bank balance ($40,000) and the August statement balance ($215,000) is pure profit Case 1 4 Net income versus cash flow On January 9, 20 , Dr Susan Tempkin established DocMed, a medical practice organized as a professional corporation The below comversation took place the following September between Dr Tempkin and a former medical school classmate, Dr Phil Anzar, at an American Medical Association convention in London Dr Anzan Susan, good to see you again Why didn't you call when you were in Chicago We could have had dinner together Dr Temptin Actually, I never made it to Chicago this year My husband and kids went to our Wisconsin Dells condo twice, but I got stuck in New York I opened a new consulting practice this January and haven't had any time for myself since Dr Anzar I heard about it Doc something right D Templin Yes, DocMed My husband dhase the name Dr Anzar I've thought alxout doing something like that Are you making any money f mean, is it worth your time Dr Templin You woukdn't beliete it I started by opening a bank account with $10,000, and my August bank statement shows a balance of $215,000 Not bad for eight months all pure profit Dr Anzar Maybe Fll try it in Chicago Let's have breakfast together tomorrow and you can fill me in on the details Comment on Dr Tempkin's statement that the difference between the opening bank balance ( $40,000) and the August statement balance ($215,000) is pure profit

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Case 1-4 Net Income versus cash flow On January 9, 20-, Dr. Susan Tempkin established DocMed, a medical practice organized as a professional corporation. The

Case 1-4 Net Income versus cash flow On January 9, 20-, Dr. Susan Tempkin established DocMed, a medical practice organized as a professional corporation. The below conversation took place the following September between Dr. Tempkin and a former medical school classmate, Dr. Phil Anzar, at an Ameri can Medical Association convention in London. Dr. Anzar: Susan, good to see you again. Why didn't you call when you were in Chicago? We could have had dinner together. Dr. Tempkin: Actually, I never made it to Chicago this year. My husband and kids went to our Wisconsin Dells condo twice, but I got stuck in New York. I opened a new consulting practice this January and haven't had any time for myself since. Doc . . . Dr. Anzar I heard about it something MEN righe Dr. Templin. Yes, DocMed. My husband chose the name. Dr. Anzar: I've thought about doing something like that. Are you making any money. mean, is it worth your time? Dr. Tempkin. You wouldn't believe it. I started by opening a bank account with $40,000, and my August bank statement shows a balance of $215,000. Not bad for eight monthsall pure profit. Dr. Anzar. Maybe I'll try it in Chicago. Let's have breakfast together tomorrow and you can fill me in on the details. Comment on Dr. Tempkin's statement that the difference between the opening bank balance ($40,000) and the August statement balance ($215,000) is pure profit.

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Case 1-4 Net income versus cash flow On January 9, 20-, Dr. Susan Tempkin established DocMed, a medical practice organized as a professional corporation. The below comversation took place the following September between Dr. Tempkin and a former medical school classmate, Dr. Phil Anzar, at an American Medical Association convention in London. Dr. Anzan Susan, good to see you again. Why didn't you call when you were in Chicago? We could have had dinner together. Dr. Temptin: Actually, I never made it to Chicago this year. My husband and kids went to our Wisconsin Dells condo twice, but I got stuck in New York. I opened a new consulting practice this January and haven't had any time for myself since. Dr. Anzar I heard about it . . Doc . . . something . . right? D. Templin: Yes, DocMed. My husband dhase the name. Dr. Anzar. I've thought alxout doing something like that. Are you making any money? f mean, is it worth your time? Dr. Templin You woukdn't beliete it. I started by opening a bank account with $10,000, and my August bank statement shows a balance of $215,000. Not bad for eight months-all pure profit. Dr. Anzar Maybe Fll try it in Chicago. Let's have breakfast together tomorrow and you can fill me in on the details. Comment on Dr. Tempkin's statement that the difference between the opening bank balance ( $40,000) and the August statement balance ($215,000) is pure profit