Dorothy Taylor, D.D.S, opened a dental practice on January 1, 2022. During the first month of operations, the following transactionsoccurred.Performed services for patients who had dental plan insurance. At January 31, $735 of such services was performed but notyet billed to the insurance companies.1.2.Utility expenses incurred but not paid prior to January 31 totaled $506.Purchased dental equipment on January 1 for $78,400, paying $19,600 in cash and signing a $58,800, 3-year note payable.(a) The equipment depreciates $392 per month. (b) Interest is $490 per month.3.4.Purchased a 1-year malpractice insurance policy on January 1 for $14,700.5.Purchased $1,568 of dental supplies. On January 31, determined that $392 of supplies were on hand.Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)No. Account Titles and ExplanationDebitCredit1.2. 2.3. (a)3. (b)5.1.ず

Supplies expense=Supplies purchased-Supplies in hand=$1,568-$392=$1,176

Answered: Dorothy Taylor, D.D.S, opened a dental…

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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Paul is self-employed as a dentist. His business expenses are as follows, Advertising $1,200, Professional dues $490, Professional journals for dentists $360, Contributions to employee pension plans $2,000, Malpractice insurance $3,200, Fine for overbilling State of Ohio for work performed on welfare patients $5,000, Insurance on office contents $720, Interest on money borrowed to refurbish office $600, Accounting services $2,100, Miscellaneous office expense $388, Office rent $12,000, Dental supplies used in dental services for patients $7,672, Utilities and telephone $3,360, Wages $30,000, Payroll taxes $2,400 How to compute total deductible business expenses.
Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $69,200 and has incurred the following medical expenses: Dentist charges $ 1,600 Physician charges 2,450 Optical charges 875 Cost of eyeglasses 715 Hospital charges 4,350 Prescription drugs 575 Over-the-counter drugs 820 Medical insurance premiums (not through an exchange) 1,200 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
The NYU hospital has an arrangement with Queens College to provide hospital care to the QC’s members at a specific rate per member, per month. In April the QC paid the hospital $500,000 per agreement for patients treated in March. Based on pre-established billing rates, the hospital would have billed the QC $600,000. How much revenue should NYU recognized? $0 $500,000 $600, which is correct
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Required information [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $55,200 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) $ 1,480 2,660 800 690 4,400 550 530 1,235 b. Suppose that Simpson was reimbursed for $310 of the physician's charges and $3,500 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses
An insurer issued a large number of policies to women aged 60, where sum insured S = 100,000, level premium P =5, 200, 5V = 29,068 and 6V = 35, 324. Five yeaers after they were issued, a total of 450 of these policies were still in force. In the following year, Expenses of 5% of each premium paid were incurred. Interest was earned at i = 4% on all assets. Two policyholders died. Expenses of $150 were incurred on the payment of the sum insured for the policyholder who died. (a) Calculate the total asset at the beginning of the 6th year after receiving premiums and paying prem-related expenses. (b) Calculate the total amount the insurer requires at the end of the 6th year.
Hah
Required information [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $62,000 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) $ 1,630 2,780 505 580 Medical expenses 2,800 635 710 985 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit C
Accounting for patient service revenue Ruby Ruth Hospital had the following transactions during the year ended December 31:1. The hospital provided services to patients insured by third-party payer A amounting to $9.0 millionat its established billing rates. The hospital’s prospective billing arrangement with this third partystipulates payment to the hospital of 70 percent of its established rates for services performed.All billings were paid during the year.2. The hospital provided services to patients insured by third-party payer B amounting to $5.4 millionat its established billing rates. Its retrospective billing arrangement with this third party stipulatesthat the hospital should receive payment at an interim rate of 90 percent of its established rates,subject to retrospective adjustment based on agreed-upon allowable costs. By year-end, B had paidall the billings. Before issuing its financial statements, the hospital estimated that the probableamount it will need to refund to B…
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