Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 16, Problem 25EP
To determine
Provide the list of the modifications or corrections that must be made to the statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Lucy and Sherri have been working through the accounts receiveable for unpaid debt owed to the facility. While reviewing the report Lucy notices there are several patient balances over 120 past due which could account for the decrease in revenue. Lucy and Sherrie begin the collections processfor the outstanding balances owed. by the patient.
Describe the first step Lucy and Sheri should take to collect the debt owed by the patients.Explain how the patient debt could have been collected sooner than 120 days.Discuss why it is important to review the accounts receivable report regularly.
Patients use a self-serve kiosk to confirm their arrival at an outpatient clinic. They
then proceed to the receptionist to update any personal information. After that, a
nurse will record the patient's vital signs. A physician will then consult with the
patient and prescribe appropriate treatments. The patient will then visit the checkout
station to settle payment and schedule the next appointment, if needed. Processing
times and other information on the process are presented in the table below:
Process
Resource
Self-service Check in
Update
information
Receptionist
Nurse
Physician
Checkout
Record vital signs
Treat patient
Collect payment
Processing time
(minutes per patient)
1
5
10
30
10
Number of Wage rate
workers
(Sper hour)
n/a
What is the cost of direct labor per patient if demand is unlimited?
n/a
2
3
5
2
15
30
100
8
15
the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. Identify the key internal and external stakeholders. what are the negative impacts that can happen if you do not follow the instructions of the supervisor?
Chapter 16 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What is an example of a performance indicator and...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - What are assets limited as to use and how do they...Ch. 16 - Prob. 9QCh. 16 - Prob. 10Q
Ch. 16 - Prob. 11QCh. 16 - Prob. 12CCh. 16 - Prob. 17.1EPCh. 16 - Prob. 17.2EPCh. 16 - Which of the following is a true statement...Ch. 16 - Prob. 17.4EPCh. 16 - Prob. 17.5EPCh. 16 - Prob. 17.6EPCh. 16 - Prob. 17.7EPCh. 16 - Wellness Psychiatric Clinic received a large...Ch. 16 - Prob. 17.9EPCh. 16 - Prob. 17.10EPCh. 16 - Prob. 18EPCh. 16 - Prob. 19EPCh. 16 - The Kyle Sports Medicine facility is a...Ch. 16 - Prob. 21EPCh. 16 - Prob. 22EPCh. 16 - Prob. 23EPCh. 16 - Prob. 24EPCh. 16 - Prob. 25EP
Knowledge Booster
Similar questions
- Penny is compiling a list of costs incurred so far on a project. She must categorize these costs so that she can present the amount of direct cost incurred. Which of the following should Penny include in this list?This type of question contains radio buttons and checkboxes for selection of options. Use Tab for navigation and Enter or space to select the option. option A Expense incurred in meeting the regulatory standards for the company option B Benefits for employees in the organization option C Travel expenses to the customer’s office option D Costs incurred for maintaining coffee stations around the office.arrow_forwardor students doing a Project Study and students doing an internship, prepare a journal entry sharing your reflections on your experience in collecting the (primary) data you collected for your research. For students doing a Systematic Review prepare a journal entry sharing your reflections on your experience in collecting the (secondary) data you collected from your selected resources. You are to follow Gibb’s Reflective Cycle as your guide in laying out your reflection.arrow_forwardWhen a company has post-acquisition expenditures related to Property, Plant, and Equipment it must determine whether the amount should be expensed as an ordinary repair or capitalized as a major repair, addition, or betterment. This requires considering the nature of the expenditure and the use of judgment. Many companies use a threshold amount. Any expenditure below the threshold is expensed. Items over the threshold are examined and a decision is made about whether to expense or capitalize the item. This approach is justified by both materiality and considering costs and benefits. For example, a company with $94 million in net property, plant, and equipment and $250 million of operating expenses would not consider a $100 repair as material. Plus, if the company had to spend thousands of dollars examining every repair expenditure, the costs of doing the analysis could easily outweigh the benefits. SouthEast Equipment has a large number of machines and equipment that are available for…arrow_forward
- A patient who received collection letter has called to demand proof he/she has a balance at that office how to you handle this call?arrow_forwardEnglert Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Type of Admission Standard Time to CompleteAdmission Record Unscheduled admission 30 min. Scheduled admission 15 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to the admissions, which was less time-consuming. The Admissions Department employs four full-time people (40 productive hours per week, with no overtime) at $15 per hour. For the most recent week, the department handled 140 unscheduled and 350 scheduled admissions. a. How much was actually spent on labor for the week?$fill in the blank 1 b. What are the standard hours for the actual volume for the week (round to one decimal place)?fill in the blank 2 hours c. Calculate the time…arrow_forwardSelect a current issue for which you can find background material. Become familiar with the issue and build a budget request that provides a solution to the issue. If a solution is already publicly available, work through the data so that you can re-create the budget request. Prepare a verbal briefing of no more than 10 minutes that reviews the background of the issue, identifies why it must be addressed, describes what your proposal will do to address the issue, and gives the amount of your budget request.arrow_forward
- Let's suppose you are an accounts payable clerk for a small home‐improvements contractor. This morning one of the site supervisors submitted an invoice requesting immediate payment to a new vendor for items he claims were delivered directly to a work site. The supervisor attached a note to the invoice asking that the check be returned to him upon issuance so that he could personally deliver it to the vendor. This would ensure the timeliness of future deliveries. He claims that unless the payment is made immediately, there will be delivery delays on items needed to complete this job, as well as delays on items for another contract in progress. Although you are suspicious of this unusual request, you are tempted to accommodate it. You know that timely completion and collection on these contracts is critical to the company's production scheduling and cash management. Moreover, the company president is on vacation and therefore not available to grant special authorization for this payment.…arrow_forwardAnn Reynolds has recently been hired as practice manager for Dr. LaRue. In reviewing the financial records of the practice, she notices that a substantial amount of money is owed by patients with outstanding balances. Further review finds that the practice has no written financial policies outlining the responsibility of patients in paying for their costs of medical care. Outline a set of basic financial policies to address patient responsibility for payment of charges.arrow_forwardGiven the information below, Marco has a complete set of policies, procedures, and manuals that management requires employees to use. Management is aggressive about updating the manuals and training new employees to ensure they understand the policies and procedures that affect their duties. Management also requires employees to attend brief review seminars on the policies and procedures that affect their positions once a year. These policies include a code of conduct and employees are required to sign a statement agreeing to it when they are hired. What is the: a) potential control strength and (b) potential mistatement detected or corrected.arrow_forward
- Mementos Academy is assessing whether to outsource its student enrolment processes. The general process followed by staff in the enrolment office is to first validate students’ prior academic record (e.g., secondary school results) and send an offer of enrolment, provide degree advice and enter students’ study program details into the student record system, and collect fees. The following table shows the costs associated with these three processes: Cost Validation Student records Fees collection Staff salaries 70,400 43,900 39,700 Data processing 9,200 32,500 7,900 Telephone 1,700 4,600 3,000 Postage - 1,500 4,000 Consumables 3,700 45,900 11,800 Electricity 1,600 3,100 3,000 Equipment depreciation 12,200 35,800 31,900 Insurance…arrow_forwardRonald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $59.79. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent, and the insurance company will cover 80 percent of covered charges. The annual deductible is $840. b) The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $25. Prescription copayments are $20. The HMO pays 100 percent after Ronald's copayment. There is…arrow_forwardRonald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $52.59. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent and the insurance company will cover 80 percent of covered charges. The annual deductible is $720. b) The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $10. Prescription copayments are $5. The HMO pays 100 percent after Ronald's copayment. There is no…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT