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P8-2C.Kim Andrews prepared the Following income statement on a cash basis for Sloan,M.D: Ed Sloan , MD Income Statement For The Year Ended December 31,2021
P8-2C.Kim Andrews prepared the Following income statement on a cash basis for Sloan,M.D:
Ed Sloan has requested information from Kim as to what his professional fees earned would be under the accrual-basis system of accounting. Kim has asked you to provide Dr. Sloan with this information, basing it on the following facts that Kim ignored in the original preparation of the financial report: \begin{tabular}{lrr} & 2020 & \multicolumn{1}{c}{2021} \\ Accrued Professional Fees & $4,200 & $5,300 \\ Unearned Professional Fees & 6,200 & 4,250 \end{tabular} \begin{tabular}{|l|l|} \hline 1 & \multicolumn{1}{c|}{ Aroblem 8-2C } \\ \hline 2 & Name: \\ \hline 3 & Section: \\ 4 & Date: \end{tabular} Ed Sloan , MD
Income Statement
For The Year Ended December 31,2021
Professional fees. 50,000
Expenses. 18,000
Net Income. 32,000
Professional Fees on the accrual basis
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