Business
Business, 07.10.2021 08:10, darknessmidnight207

Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash of $615,400 for medical services. Of the amount collected, $56,400 was for services provided in 2019. At the end of 2020, Al had accounts receivable of $98,200, all for services rendered in 2020. In addition, at the end of the year, Al received $16,500 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2021. Required:

Compute Al's gross income for 2020.

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Answers: 3

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Al is a medical doctor who conducts his practice as a sole proprietor. During 2020, he received cash...

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