Answered: A business has $250,000 income and…

A business has $250,000 income and $60,000 expenses. What is the net profit? Select one: a. 310,000 b. 160,000 c. 190,000 d. 310,000

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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Concept explainers

Patient billing and collection

Patient billing and collection is a process where a medical charge will be imposed on the patient and the amount will be collected after considering co-pays, insurance deduction, and non-covered insurance. Billing and collection in the medical process is a vital process for the patient as well as the health organization. For a health organization, collecting medical charges is income for service provided by them to a patient. For a patient, medical billing is the expense for using the service provided by the health organization. For some patients, certain services will be covered under the insurance policy, and the remaining charges have to be paid out-of-pocket. The collection of such bills has to be clearly stated without creating a chaotic situation for patients and insurance providers. A billing statement will be easily collected for the uninsured patient as medical charges will be directly collected from them.

Question

A business has $250,000 income and
$60,000 expenses. What is the net profit?
Select one:
a. 310,000
b. 160,000
c. 190,000
d. 310,000

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