Ms. Joan Vickers is an accountant and, at the beginning of the 2020, she had unbilled work in process of $41,400, as well as uncollected billings of $48,700. During 2020, she bills the remaining work in process and collects all of these new receivables, as well as the uncollected amounts that were present at the beginning of the year. Her work during 2020 totals potential billings of $206,350. Of this amount, $171,300 has been billed and $152,100 of these billings have been collected. Assuming that Joan is using the billed basis of recognition, calculate her net business income inclusion for 2020.

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The Answer of Ms. Joan Vickers is an accountant and, at the beginning of the 2020, she had unbilled work in process of $41,400, as well as uncollected billings of $48,700. During 2020, she bills the remaining work in process and collects all of these new receivables, as well as the uncollected amounts that were present at the beginning of the year. Her work during 2020 totals potential billings of $206,350. Of this amount, $171,300 has been billed and $152,100 of these billings have been collected. Assuming that Joan is using the billed basis of recognition, calculate her net business income inclusion for 2020.

Ms Joan Vickers Is an Accountant And, at the Beginning