Gerald Bone, M

question 31

Multiple Choice

Gerald Bone, M.D., keeps his accounting records on the cash basis. During 2020, Dr. Bone collected $150,000 from his patients. At December 31, 2019, Dr. Bone had accounts receivable of $45,000. At December 31, 2020, Dr. Bone had accounts receivable of $35,000 and unearned revenue of $5,000. On the accrual basis, how much was Dr. Bone's patient service revenue for 2020?

• A) $145,000
• B) $140,000
• C) $135,000
• D) $105,000

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Definitions:

Homeless Persons

Individuals who do not have an adequate or permanent place to live, often lacking regular access to safe shelter.

Privatized

The transfer of ownership or control of a business or industry from the government to private individuals or organizations.

Fallacy of Composition

The erroneous belief that what applies to individual members of a group necessarily applies to the group as a whole or vice versa.

Ceteris Paribus

In economics, it's a Latin term which stands for "if everything else remains the same," employed to focus on the influence of an individual variable by maintaining all other pertinent factors steady.