istory Bookmarks People Window Help Chapter 2 Homework x C Chegg Study Order Con

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istory Bookmarks People Window Help Chapter 2 Homework x C Chegg Study Order Confirmati x htm omework Help Save& Exit Check m Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2018, the company collected $570,000 in fees from ts clients and paid out $417,000 in expenses. You are able to determine the following information about accounts recelvable, prepaid expenses, deferred fee revenue, and accrued liabilities January 1, D 2018 $67,000 2018 58,000 ivable Prepaid insurance Prepaid rent Deterred fee revenue Acerued liabilities 9,700 11,600 (for various expenses In addition, 2018 depreciation expense on furniture and fixtures is $24,500. Required 12.700 16.100 Determine accrual basis net income for 2018.

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Particulars Explanation Amount Cash Income (570,000-417,000) 153,000 Add Increase in Prepaid Insurance (6,400-5,000) 1,400 Less Depreciation Expense (24,500) Decrease in Account Receivable (67,000-58,000) (9,000) Decrease in Prepaid Rent (9,700-7,600) (2,100) Increase in Deferred Fees Revenue (11,600-9,700) (1,900) Increase in Accrued Liabilities (16,100-12,700) (3,400) Accrual Basis Net Income 113,500

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