Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During

Question

Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2013, the company collected $590,000 in fees from its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, unearned fee revenue, and accrued liabilities:

Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2013, the company collected $590,000 in fees from its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, unearned fee revenue, and accrued liabilities:

Explanation / Answer

accrual basis net income=590000-421000=169000-5400+7200-10100+8300-10100+12400+13100-16900-26500=141000

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