5. Dr. Abdullah started a clinic in Muscat on 1" January 2019, During the first month of operations the following transactions occurred. (a) Performed services for patients, who have health insurance, at January 31, OMR 500 of such services was earned but not yet recorded. (b) Utility expenses incurred but not paid prior to January 31 totaled OMR 300. (c) Purchased OMR500 of dental supplies. On January 31, determined that OMR 100 of supplies were on hand. Required: Prepare the adjusting entries on January 31

5. Dr. Abdullah started a clinic in Muscat on 1" January 2019, During the first month of operations the following transactions occurred. (a) Performed services for patients, who have health insurance, at January 31, OMR 500 of such services was earned but not yet recorded. (b) Utility expenses incurred but not paid prior to January 31 totaled OMR 300. (c) Purchased OMR500 of dental supplies. On January 31, determined that OMR 100 of supplies were on hand. Required: Prepare the adjusting entries on January 31

Name: 5. Dr. Abdullah started a clinic in Muscat on 1" January 2019,During
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Description: 5. Dr. Abdullah started a clinic in Muscat on 1" January 2019,During the first monthof operations the following transactions occurred.(a) Performed services for patients, who have healthinsurance, at January 31, OMR 500 of such services wasearned bu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $61,600 and has incurred the following medical expenses: Dentist charges $ 1,560 Physician charges 1,980 Optical charges 815 Cost of eyeglasses 430 Hospital charges 4,200 Prescription drugs 610 Over-the-counter drugs 720 Medical insurance premiums (not through an exchange) 985 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
I'm working on a project in accounting..I'm trying to figure out which expenses are considered medical... The Bryds had the following medical expenses for 2019: Medical insurance premiums....4500 Doctor bill for Sam incurred in 2018 and not paid until 2019...7600 Operation for Sam...8500 Prescription medicines for Sam....900 Hospital expenses for Sam....3500 Reimbursement from insurance company received in 2019.....3600 Also what is considered gifts to charity? What falls under that umbrella?
The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2019 Assets Current assets: Cash and Cash Equivalents $ 485,400 Accounts and notes receivable (net of uncollectible accounts of $17,500) 28,200 Inventory 98,200 Total current assets 611,800 Assets limited as to use: Cash $ 18,840 Investments 237,720 Total assets limited as to use 256,560 Property, plant, and equipment: Land 218,600 Buildings (net of accumulated depreciation of $1,624,700) 2,901,500 Equipment (net of accumulated depreciation of $1,026,200) 1,862,200 Total property, plant, and equipment 4,982,300 Total assets $ 5,850,660…
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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.
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