Question
Problem 4-31 (Algorithemic) (LO, 2, 5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of
Problem 4-31 (Algorithemic) (LO, 2, 5) Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of $623,000 for medical services. of the amount collected, $36,000 was for services provided in 2022. At the end of 2023 , Al had accounts receivable of $96,500, all for services rendered in 2023. In addition, at the end of the year, Al recelved $13,000 as an advance parment from a health maintenance organization (HMO) for services to be rendered in 2024. b. Compute Al's gross income for 2023 using the accrual basis of accounting.
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