For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third-party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000. Prepare the neccessary journal entry to record the contractual adjustments.
Q: - Flexible and Actual Units (pounds) are given belowCalculate revenue and spending variances for…
A: First, we need to calculate the flexible budget for each category based on the given per pound rates…
Q: Exercise 19-19 (Static) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares…
A: Basic earning per share share Basic earning per share share = Net Profit - Prefrence Dividend /…
Q: CHESTER HAS AN ASSET TURNOVER OF 1.49 (ASSET TURNOVER = SALES/ASSETS). THAT MEANS: A. 1 EVERY $1.49…
A: Reason: The Asset turnover metric is a financial ratio which measures the efficiency of a firm, that…
Q: Xander's Muffins is trying to decide whether or not to continue a particular muffin flavour. The…
A: The objective of the question is to calculate the net profit of Xander's Muffins if they decide to…
Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…
A: Step 1: Determine the taxable earnings for December.EmployeeAnnual Taxable LimitTotal Earnings for…
Q: Give me right answer
A: Step 1: Let us first look at the information givenCurrent Assets = $6.642 billionCurrent Liabilities…
Q: A number of activities that are part of a company's quality control system are listed below:…
A: 1) Classifying the costs associated with specific activities Activities. a.Product testingAppraisal…
Q: Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she…
A: Step 11. Calculate Ms. Berry's gross emoluments.Gross emoluments = Monthly salary + Director's…
Q: Categorize each item as a revenue or expense for a retail store that sells clothing (Note: not all…
A: The objective of this question is to categorize each item as a revenue or expense for a retail store…
Q: Blossom Inc. had the following condensed balance sheet at the end of operations for 2024.…
A: Certainly! Let's break down each of these financial statements:**Balance Sheet:**The balance sheet…
Q: Equivalent Units of Materials Cost The Filling Department of Ivy Cosmetics Company had 14,200 ounces…
A: To calculate the total equivalent units for direct materials when materials are added at the…
Q: Smirnoff Corporation's net cash flows from operating activities on its cash flows statement for 2024…
A:
Q: Required: Advise Leon regarding what amounts are deductible as repairs under section 25-10 ITAA97…
A: Approach to solving the question:Hope this information helps! Let me know if you have any questions.…
Q: On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding.…
A: 1. Starting Shares:January 1st: Admiral Nelson Company had 300,000 shares of common stock issued and…
Q: Chicago Cola is considering the purchase of a special-purpose bottling machine for $35,000. It is…
A:
Q: Determining Operating Cash Flows-Direct Method Adjusted trial balances for Garboz Company, an…
A: From the given trial balances, we can identify the relevant information needed to calculate the…
Q: BDF Limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero percent…
A: Let's break down the supplies provided by BDF Limited:1. Supplies at standard rate $5,000,0002.…
Q: A3
A: Tim has a traditional 401(k) plan with a balance of $2,000,000 at the end of 2019. He retires at the…
Q: A7
A: The objective of this question is to determine the selling price of the bonds issued by the company.…
Q: Revenues generated by a new fad product are forecast as follows: Year Revenues $45,000 1 2 35,000 3…
A: let's solve this step-by-step:a. Initial Investment in the Product:The initial investment includes…
Q: Janice and Jonathon operate a self-service car wash facility in partnership sharing profits equally.…
A: Partnership Adjusted Profit Statement for the Year of Assessment 2016Profit of the car wash business…
Q: Azure Company sold merchandise on account to P. Parker for $150. Which of the following journal…
A: The transaction involves Azure Company selling merchandise on account to P. Parker for $150. This…
Q: (c)
A: A Roth IRA is a special individual retirement account (IRA) where you pay taxes on money going into…
Q: What’s going on here? A) What analogy did Dr. Fraser use to help you remember what types of accounts…
A: Step 1: "net" amount is equivalent to "book" value. Step 2: Step 3: Step 4:
Q: You have calculated the adjusted profit for the company to be $2,000,000. Capital allowance was…
A: To calculate the tax refundable for the company, we need to follow several steps to determine the…
Q: Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax…
A: Before we can answer the question, we need to understand the terms used in the statements:Input Tax…
Q: Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments:…
A: With that in mind, let's use the weighted average technique to break down the processes and…
Q: None
A: Lexington Garden Supply purchased Group of Land, Building and Equipment for $200,000We have the fair…
Q: Assume that Western Exploration Corporation is considering the acquisition of Ogden Drilling…
A: a. To calculate for the reduction in taxes due to tax loss carryforward , the formula isReduction in…
Q: The predetermined overhead allocation rate for a given accounting period is calculated ________…
A: The objective of the question is to determine when the predetermined overhead allocation rate is…
Q: typing pls
A: Given Data:Power DeliveredP = Wn = 15 MWTmax = 1100 kTmin = 300K Pressure ratio,rp = P2 / P1 = P3…
Q: Question :8 A A company has net sales of $125,000, cost of goods sold of $50,000, operating expenses…
A: Step 1: Introduction to gross profitGross profit refers to the amount of sales revenue left with the…
Q: Which electron configuration is incorrect? 1s 2s _____ 2p 1s 2s 2p ______ 1s 2s __ __ -- 2p _↑↓ ↑↓…
A: To identify which electron configuration is incorrect, let's apply Hund's Rule and the Pauli…
Q: The Sailor Jerry Company had 50,000 shares of common stock outstanding on January 1st. On April1st,…
A: The objective of this question is to calculate the basic earnings per share (EPS) for the Sailor…
Q: An agronomist is evaluating the resistance to insect herbivory of a two genetically modified strains…
A: To evaluate the null hypothesis that there is no difference in insect damage between the three…
Q: The figure below shows a 114-turn square coil rotating about a vertical axis at at -1,770 rev/min.…
A:
Q: Required: Briefly describe which of the following deductions would be deductible under section 8-1…
A: Even if the mentioned deductions are not explicitly stated in the legislation, donations made by an…
Q: BDF limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero…
A: The total supplies of BDF limited can be calculated by adding up all the supplies. This includes…
Q: Nate Corporation's accounting records include the following items for the year ending December 31,…
A: Now, let's analyze and examine each individual stage involved in the process of preparing an income…
Q: PA11-3 (Algo) Comparing, Prioritizing Multiple Projects [LO 11-1, 11-2, 11-3, 11-6] Hearne Company…
A: To compute the accounting rate of return (ARR) for each project, we utilize a straightforward…
Q: R&R construction Limited supplies for April 2024 was: • Construction Services $500,000 (exempt…
A: Export services are zero rated meaning 0% VAT. Output vat = 2,000,000*15% + 300,000*15% +…
Q: Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER…
A: Step 1: Utilize net income first $79,000 is the net income.Step 2: Modify Operating…
Q: Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an…
A: Step 1:To calculate Bruce's share of ordinary income allocated on his K-1 from Delights, Inc., we…
Q: A1 i need solution......
A: Net Investment Income (NII) is the income earned by an individual or a company from their investment…
Q: 2. Letty Laundry and dry clean (practice problem) - Complete step 2 - 4 (Journal entry, T-account,…
A: Certainly, let's analyze and examine each individual step:Step 2: Recordings in a JournalA journal…
Q: Which of the following is a difference between the periodic inventory system and the perpetual…
A: In a perpetual inventory system, inventory quantities are updated continuously as sales or purchases…
Q: MH Realty, LLC sells a parcel of waterfront land and a residential condo building with an adjusted…
A: To determine the gross profit percentage when MH Realty, LLC sells its properties, let's break down…
Q: Azure Company has the following sale transaction: Aug. 15 Sold merchandise on account to Jade…
A: In accounting, the Post Reference (Post Ref.) column in the general ledger is used to indicate the…
Q: Accrued revenues are: a. received and recorded as liabilities before they are earned. b. incurred…
A: In accounting, accrued revenues refer to the recognition of income by the business that has not yet…
Q: 194 Chap ii. iii. "new" assets and liabilities transactions during 20x1 (you may use a compound enty…
A: Step 1: To get the estimated recovery percentage we will used the formula (Net Free assets/Total…
For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third-party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000.
Prepare the neccessary
Step by step
Solved in 2 steps
- Under Cura Hospital’s established rate structure, patient service revenues of $9,000,000 would have been earned for the year ended December 31, 2019. However, only $6,750,000 was collected because of charity allowances of $1,500,000 and discounts of $750,000 to third-party payors. For the year ended December 31, 2019, what amount should Cura record as net patient service revenues? a. $6,750,000 b. $7,500,000 c. $8,250,000 d. $9,000,000St. Joseph's Hospital began operations in December 2023 with patient service revenues totaling $1,110,000 (based on customary rates) for the month. Of this, $200,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph's estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital's fiscal year ends on December 31. Required: 1. Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. 2. Prepare the journal entries for 2024 assuming the following: a. $112,000 is collected from the patients during the year, and $10,700 of price adjustments are granted to individuals. b. Actual contractual adjustments total $190,000. The remaining receivable from third-party payors is collected. Note: For all…During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,665,000. Estimated contractual adjustments with third-party payors amounted to $415,000, and the hospital estimated implicit price concessions would total 33,800. Charity services, not included in transaction 1, would amount to $92,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $33,000; cafeteria, $35,200; gift shop, $5,900. Cash gifts restricted by the donor for programs amounted to $37,050 for the year. During the year, $73,400 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $70,800 for principal and $43,600 for interest. Assume unrestricted resources are used. During the year,…
- St. Joseph's Hospital began operations in December 2023 with patient service revenues totaling $1,330,000 (based on customary rates) for the month. Of this, $220,000 is billed to patients, representing their Insurance deductibles and copayments. The balance is billed to third-party payors, including Insurance companies and government health care agencies. St. Joseph's estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital's fiscal year ends on December 31. Required: 1. Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through Implicit price adjustments. 2. Prepare the journal entries for 2024 assuming the following: a. $123,000 is collected from the patients during the year, and $11,800 of price adjustments are granted to Individuals. b. Actual contractual adjustments total $229,000. The remaining receivable from third-party payors is collected. Note: For all…Transactions (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?The following selected events relate to the 2019 activities of Fall Nursing Home, Inc., a not-for-profit agency:a. Gross patient service revenue totaled $2,200,000. The provision for uncollectible accounts was estimated at $92,000. The allowance for contractual adjustments was increased by $120,000.b. After a conference with representatives of Gold Star Insurance Company, differences between the amounts accrued and subsequent settlements reduced receivables by $60,000.c. A grateful patient donated securities with a cost of $30,000 and a fair value at date of donation of $75,000. The donation was restricted to expenditure for modernization of equipment. The donation was accepted.d. Cash of $45,000 that had been restricted by a donor for the purchase of furniture was used this year. Fall chose to release the donor restriction over the useful life of the asset.e. The board voluntarily transferred $50,000 of cash to add to the resources held for capital improvements.f. Pledges of $60,000…
- White Valley Presbyterian Hospital is a nonprofit initial care facility. For the hospital’s calendar year ending December 31, 2019 journal entries to record the transactions listed in 1 through 14. below Third-parties payers and direct-pay patients were billed $6,500,000 at the hospital's established billing rates The hospital determined that certain of its patients qualified for charity care and that it would not seek to collect $950,000 at established billing rates from direct-pay patients The hospital estimated contractual adjustments for the year of $1,600,000 The hospital originally estimated uncollectible amounts from direct-pay patients to be $250,000 (recall that original estimated uncollectible amounts reduce revenue; only estimates specific to an individual patient are reported as bad debt expense). The hospital received capitation premiums of $2,500,000. It estimated that the cost of providing this care was $1,800,000 The hospital received payments from third-party payers…During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…
- During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…3. Please complete the journal entries for this St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from…3. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…