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Problem 4-31(Algorithmic)(LO.2,5) Al is a medical doctor who conducts his practice as a...

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Accounting

Problem 4-31(Algorithmic)(LO.2,5)
Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of $497,600 for medical services. Of
the amount collected, $52,800 was for services provided in 2022. At the end of 2023, Al had accounts receivable of $91,400, all for
services rendered in 2023. In addition, at the end of the year, Al received $9,500 as an advance payment from a health maintenance
organization (HMO) for services to be rendered in 2024.
a. Compute Al's gross income for 2023 using the cash basis of accounting.
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