Al is a medical doctor who conducts his practice as a sole

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Al is a medical doctor who conducts his practice as a sole proprietor. During 2021, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2020. At the end of 2021, Al had accounts receivable of $60,000, all for services rendered in 2021. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2022. Compute Al’s gross income for 2021 using the accrual basis of accounting.

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