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Novak, M. D, maintains the accounting records of Novak Clinic on a cash basis. During 2017, Dr. Novak collected $128, 897 from his patients and

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Novak, M. D, maintains the accounting records of Novak Clinic on a cash basis. During 2017, Dr. Novak collected $128, 897 from his patients and paid $58, 983 in expenses. At January 1, 2017, and December 31, 2017, he had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) Prepare a schedule that converts Dr. Novak's excess of cash collected over cash disbursed for the year 2017 to net income on an accrual basis for the year 2017

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