Need help general accounting question Community Hospital provides the following information:12/31/23 | 12/31/22 Accrued interest payable: $8,400 | $7,900 Prepaidinterest: $2,800 | $3,500 Cash paid for interest in 2023: $62,500What should be reported as interest expense in the hospital's 2023 statementof operations?

Step 1: Detailed Explanation of Interest ExpenseInterest expense is the cost incurred by a company…

Answered: Community Hospital provides the…

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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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?
stion completion Status. "A not-for-profit hospital signs a contract with an insurance company in which the company agrees to pay the hospital $9 million in capitation fees for the year July 1, 2017, through June 30, 2018. Between July 1, 2017 and December 31, 2017, the hospital provides services that, at its standard rates, would bill at $5.1 million. Between January 1, 2017, and June 30, 2018, it provides services that it would bill at $4.2 million. For the year ending December 31, 2017, the hospital should recognize capitation revenue of" O $0 O $4.5 million O $5.1 million O $9 million QUESTION 65 "During a particular year, a not-for-profit hospital provides services that at standard rates would be billed at $400 million. This amount includes $20 million of charity care. Of the remaining $380 million, the hospital estimates that $240 million will be billed to third-party providers which, per contractual agreements, will pay only 75 percent of the standard rate (i.e., $180 million).…
The following nominal accounts were extracted from the December 31, 2018, adjusted trial balance of Prospect Private Hospital:(attached)Prepare a statement of activities for the year ended December 31, 2018.
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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…
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
CHRISTINA REHABILITATION HOSPITAL Preclosing Trial Balance September 30, 2023 (000s omitted) Cash and Cash Equivalents Patient Accounts Receivable Inventory Prepaid Expenses Assets Limited as to Use-Investments Investments Pledges Receivable Discount on Pledges Receivable Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Accrued Payables Interest Payable Bonds Payable Other Long-term Liabilities Net Assets-Without Donor Restrictions Net Assets-with Donor Restrictions-Programs Net Assets-with Donor Restrictions-Endowment Patient Service Revenue Contractual Adjustments Other Operating Revenue Implicit Price Concessions for Individual Payors Contributions-With Donor Restrictions-Programs Contributions-With Donor Restrictions-Endowment Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions-Programs Unrealized Gain on Investments-With Donor Restrictions-Programs Salary Expense Supplies Expense…
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. $9,000,000
Hi, Could you please help me fill in the missing values labeled a through i. Thank you
The June 30, 2018, adjusted trial balances of Bayshore Community Health Care Association follow: (see attached)1. Prepare a statement of activities for the year ended June 30, 2018.2. Prepare a statement of financial position as of June 30, 2018.
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Community Hospital provides the following information: 12/31/23 | 12/31/22 Accrued interest payable: $8,400 | $7,900 Prepaid interest: $2,800 | $3,500 Cash paid for interest in 2023: $62,500 What should be reported as interest expense in the hospital's 2023 statement of operations?