Jim yount, m. d., keeps his accounting records on the cash basis. during 2015, dr. yount collected $350,000 from his patients. at december 31, 2014, dr. yount had accounts receivable of $40,000. at december 31, 2015, dr. yount had accounts receivable of $70,000 and unearned revenue of $10,000. on the accrual basis, how much was dr. young's patient service revenue for 2015

In its first year of operations, sunland company recognized $30,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. the remaining $21,900 was received in cash from customers. the company incurred operating expenses of $18,600. of these expenses, $12,880 were paid in cash; $5,720 was still owed on account at year-end. in addition, sunland prepaid $3,270 for insurance coverage that would not be used until the second year of operations. (a) calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.