Revenue from newsstand. $ 50,000 Amounts charged to patients. nterest income..... 800,000 Salary expense-nurses Provision for bad debts Undesignated gifts. Contractual adjustments 100,000 10,000 80,000 110,000
Q: 21. A nonprofit hospital reported the following final ending amounts in its financial statements for…
A: Non profit organization as the name suggest is run not for profit motive but the main objective is…
Q: Transactions Journal Entry Paid rent of the space for the month amounting to P10,000 less: 5%…
A: Journal entries are recorded as a first step of accounting process in which atleast one account is…
Q: Calculate the net commission from the following information: Particulars OMR Particulars OMR Salary…
A: Commission on direct business means a commission which is earned by the insurance company on direct…
Q: Zedus pharma had the sales amounting to $892,000 on credit sale to Lifeline hospital. State sales…
A: Sales on credit=$892,000 State sales tax rate=8%…
Q: equired: ecord the following transactions on the books of Hope Hospital, wih 020. (If no entry is…
A: S. NO. General Journal Debit ($) Credit ($) 1 Cash 40000 Income from Pledge 40000…
Q: journalize Dexter recieving $4,500 in advance and then earning $3,000 service revenue
A: UNEARNED REVENUE IS WHERE MONEY IS RECEIVED IN ADVANCE BUT THE GOODS OR SERVICES ARE YET TO BE…
Q: 66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: their utility bills as service charge. security, and maintenance. The association charges unit…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 1. A hospital reports the following information: Estimated bad debts—non-charity patients $…
A: Answer:(1) Net patient service revenue, as reported on the hospital's statement of activities is…
Q: Highridge Homes has the following payroll information for the week ended February 21: Name Earnings…
A: Payroll It is important for the business entity to prepare the payroll process which are important…
Q: insurance company reported a total gross premium of P2,100,000 and 100,000 cancellations. The…
A: Reserve Fund : It is the amount which is set aside from the profit and loss appropriation account to…
Q: Required Information [The following information applies to the questions displayed below] Simpson,…
A: Solution:- Given, Simpson age = 45 and he is single individual who is full-time employee by Duff…
Q: Dippel Hospital's December 31, 20X2, balance sheet reported hospital net assets of $8,645. Dippel's…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: Mandaue reimbursed the following expense liquidation of its managerial employee: Purchase of office…
A: If the Fringe benefit is granted in money or is directly paid by the employer MV = Amount granted x…
Q: A non-profit organization received $80,000 as the entrance fee of a new member. If 10% of the fee…
A: The entrance fee received by non-profit organizations may be divided into two parts namely that need…
Q: disbursements in a month in 2021: Non-life insurance P145,700 34,600 Life insurance P 150,000 45,000…
A: Here to taken consider the percentage of taxes for life insurance business which has the tax base…
Q: I need this(…
A: The required journal entries are as follows :(Explanations have been avoided as per the requirement…
Q: 4. Delivery of office equipment and office supplies on account: office equipment 3million office…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…
Q: From the above information Prepare Revenue Account and based on the prepared revenue account answer…
A: 1. (c) 2. 3. (c) 4. (b) 5. (a) 6. (d)
Q: Bagwis Company has the following information: Prepaid insurance – January 1 1,600,000 Prepaid…
A: Under accrual basis, the revenues and expenses are recognized when they are incurred irrespective of…
Q: Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: Income from REIT: Rent – hotel buildings 370,000 Rent – offices and car parks 595,000 Management…
A: The income from the dividend of a company is tax exempted in the hands of unitholders because the…
Q: Deli Restaurant provides 20% discount to senior citizens. It recorded the following during the year:…
A: Deli restaurant provides discounts to senior citizens. The net revenue from senior citizens is…
Q: Made payment on account to Long Appliance Manufacturers, $300,000. O. m. Sold appliances for cash to…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Calculate the net commission and total revenue from the following information: Particulars OMR…
A: Net commission is the amount of commission earned by an insurance company after deducting the…
Q: Given the following, calculate the excess of revenues over expenses for the year. Total…
A: Net patient service revenue =Gross-deduction Net patient service revenue = $10,300-$1,100 Net…
Q: Ruby Ruth Hospital had the following transactions during the year ended December 31: 1. The hospital…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: 4. Non-Profit Conceras: The following is the receipts and payments account of Insanist Welfare…
A: The income and expenditure account is the statement prepared by the non-profit organizations to…
Q: The salary for administrative employees is P20,000; faculty, P300,000. Hanna shares 50% of the…
A: Journal entry shows the recording of transactions during an accounting year. Every entry have dual…
Q: A private not-for-profit health care entity provides its patients with services that would normally…
A: The correct answer is 3. Patient service revenues = $600,000; net patient service revenues =…
Q: Fink Insurance collected premiums of $18,300,000 from its custómersi during the current year. The…
A: Revenue from insurance premium recognized for the current year = Beginning Deferred premium revenue…
Q: ABC Pte Ltd incurred staff costs of $800,000 which comprise staff salaries of $500,200, transport…
A: The employer can provide the portable medical benefit scheme and transferable medical insurance…
Q: Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending…
A:
Q: An employee of Company x received the following loans (rate and amount) from their employer on…
A: Interest: It is the amount that is paid by the borrower of loan along with the principal amount.
Q: The following nominal accounts were extracted from the December 31, 2018, adjusted trial balance of…
A:
Q: calculate martha's agi: salary, $90,000 unemployment, 3,000 contribution to IRA, 3,000 hobby…
A: Adjusted gross income is described as the total income earned by the taxpayer during the year after…
Q: Required information [The following information applies to the questions displayed below.] Simpson,…
A: The correct answer for the above mentioned questions in the flowing steps for your reference.
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Introduction: A tax is a necessary fee or financial charge levied by the government on an individual…
Q: Required information [The following information applies to the questions displayed below] BMX…
A:
Q: Using the following information please prepare an income statement. Salary expenses - $10,000.00…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: Shelbyville State University is a public university with a June 30 fiscal year end. Prepare the…
A: Journal entry refers to the recording of various transactions in the books of accounts of the…
Q: 6. Patient Company sells subscriptions to a specialized directory that is published semiannually and…
A: The deferred revenues from subscriptions account accounts for subscription fees which was received…
A private not-for-profit health care entity has the following account balances:
What is reported as the organization’s net patient service revenue?
- $880,000
- $800,000
- $690,000
- $680,000
Step by step
Solved in 2 steps with 1 images
- 1. A hospital reports the following information: Estimated bad debts—non-charity patients $ 500,000 Contractual adjustments—third party payors 1,000,000 Direct gross billings to non-charity patients 5,000,000 Gross billings to insurance companies and Medicare/Medicaid 17,000,000 Charity care, estimated billing value 2,000,000 Charity care, cost 1,200,000 Net patient service revenue, as reported on the hospital's statement of activities, is: 2. NFP organizations like the Red Cross invest in derivatives to hedge their financial risks. How do the accounting standards for NFP hedge investments differ from the accounting standards for other NFP investments? Select one: A. There is no difference. B. Unrealized gains and losses on hedge investments are reported as changes in net assets with donor restrictions on the statement of activities, while unrealized gains and losses on other investments are not reported. C. Unrealized gains and…66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…Q4- The following information is extracted from Gamma Hospital's financial records. Patient accounts receivable, net Patient service revenue, gross Provision for contractual adjustments 14,000,000 97,000,000 12,000,000 Required: Compute the number of days' revenue in patient accounts receivable.
- A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.1. A not-for-profit hospital performs services in the current year at a charge of $1 million. Of this amount, $200,000 is viewed as charity care services because no collection was expected at the time of the work. Additionally, officials expect another $94,000 to be bad debts. What should the hospital report as net patient service revenues? Select one: a.$906,000 b.$1,000,000 c.$706,000 d.$800,000 2. In the accounting for health care providers, what are third-party payors? Select one: a.Friends and relatives who pay the medical costs of a patient. b.Doctors who reduce fees for indigent patients. c.Insurance companies and other groups that pay a significant portion of the medical fees in the United States. d.Charities that supply medicines to hospitals and other health care providers. 3.What is a contractual adjustment? Select one: a.A year-end journal entry to recognize all of a health care entity's remaining receivables. b.An increase in a patient's…
- P1.2. Alice Hospital provides you with the following information that relates to its operating results for the year ended December 31, 20X1: Nursing services expenses $3,900 Deductions from patient services revenues 1,200 Other professional services revenues 4,800 General services expenses 1,700 Nonoperating income 140 Fiscal and administrative services expenses 1,200 Daily patient services revenues 6,320 Other professional services expenses 2,610 Other operating revenues 450 Required: Prepare, in good form, a statement of operations for Alice Hospital for the year ended December 31, 20X1.A not-for-profit medical center performs services in the current year at a charge of $1 million. Officials expect bad debts to be $94,000. Another $200,000 is viewed as charity care services because no collection was expected at the time of the work. What should the medical center report as net patient service revenues? Choose the correct.a. $706,000b. $800,000c. $906,000.d. $1,000,000orki Saved Help Save & Exit Submit TABLE 9-2 Rates for Retirement Savings Contributions Credit Check my work Modified Adjusted Gross Income Joint Return Head of Household Determine the retirement savings contributions credit in each of the following independent cases Use Table 9-2 Over 0 Not Over Over Not Over $ 41,000 S 0 $ 30,750 All Other Filing Status Over S O Applicable Percentage Not Over $ 20,500 50% Retirement Savings Contributions 41,000 44,000 30,750 33,000 20,500 22,000 20% 44,000 68,000 33,000 51,000 22,000 34,000 10% Credit 68,000 51,000 34,000 0% A married couple filing jointly with modified AGI of $37.500 and an IRA contribution of $1,800. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1.900 c. Ahead of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,990 d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,800.
- 4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.A hospital reported the following uncollectible amounts: $15,000 for services rendered to homeless individuals with no intention of collection. $35,000 for services rendered with the expectation that the amount collected would likely be $10,000 less than the standard rate billed. What amount should be reported in revenues and provision for bad debt for these items? Multiple Choice O Net Patient Service Revenue: $25,000; Provision for Bad Debt: $25,000. Net Patient Service Revenue: $35,000; Provision for Bad Debt: $10,000. Net Patient Service Revenue: $50,000; Provision for Bad Debt: $25,000. Net Patient Service Revenue: $25,000; Provision for Bad Debt: $0. XTransactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?