12.3Here is the financial statement information on four not-for-profit clinics: Fill in the missing values labeled a through l. ### Financial Data and Analysis for Four IndividualsThis table presents the financial positions and performances of four individuals - Pittman, Rose, Beckman, and Jaffe - as of December 31, 2015, December 31, 2016, and for the year 2016.#### December 31, 2015:- **Assets:** - Pittman: $80,000 - Rose: $100,000 - Beckman: g - Jaffe: $150,000- **Liabilities:** - Pittman: $50,000 - Rose: d - Beckman: $75,000 - Jaffe: j- **Equity (calculated as Assets - Liabilities):** - Pittman: a - Rose: $60,000 - Beckman: $45,000 - Jaffe: $90,000#### December 31, 2016:- **Assets:** - Pittman: b - Rose: $130,000 - Beckman: $180,000 - Jaffe: k- **Liabilities:** - Pittman: $55,000 - Rose: $62,000 - Beckman: h - Jaffe: $80,000- **Equity:** - Pittman: $45,000 - Rose: e - Beckman: $110,000 - Jaffe: $145,000#### During 2016:- **Total Revenues:** - Pittman: c - Rose: $400,000 - Beckman: i - Jaffe: $500,000- **Total Expenses:** - Pittman: $330,000 - Rose: f - Beckman: $360,000 - Jaffe: l---### Explanation of Missing ValuesThe table contains several variables represented by the letters **a** through **l**. These variables are placeholders for unknown or to-be-calculated values. For instance:- The equity for Pittman on December 31, 2015 (**a**) can be computed as Assets ($80,000) - Liabilities ($50,000) = $30,000.- Similarly, other

This question can be solved on the accounting equation of Total asset = Equity + liability. This…

Pittman Rose Beckman Jaffe December 31, 2015: Assets $ 80,000 $1o0,000 $150,000 Liabilities 50,000 d $ 75,000 j Equity a 60,000 45,000 90,000 December 31, 2016: Assets b 130,000 180,000 k Liabilities 55,000 62,000 h 80,000 Equity 45,000 e 110,000 145,000 During 2016: Total revenues 400,000 i 500,000 Total expenses 369.000 330.000

Pittman Rose Beckman Jaffe December 31, 2015: Assets $ 80,000 $1o0,000 $150,000 Liabilities 50,000 d $ 75,000 j Equity a 60,000 45,000 90,000 December 31, 2016: Assets b 130,000 180,000 k Liabilities 55,000 62,000 h 80,000 Equity 45,000 e 110,000 145,000 During 2016: Total revenues 400,000 i 500,000 Total expenses 369.000 330.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

t of You are given the following information for Sibas Nail Bar: Equipment.... Manicure tables and chairs... Inventory..... Clients owing Sibas Nail Bar.. Sibas Nail Bar owes Salon Suppliers.. Bank Short term loan.. Time left 1:14:11 R 149 500 4 600 11 500 28 750 86 250 14 950 57 500 The total assets of Sibas Nail Bar will be... NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) ?
P. 12-6 The distinction between contributed services that warrant financial statement recognition and those that do not is not always clear. For each of the following situations, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your response or identify key issues. Nellie Wilson, the noted country-and-western singer, performs a benefit concert for the Save Our Farms Association, a political advocacy group. Wilson, who would normally charge $60,000 per concert, did not accept a fee. Camp Chi-Wan-Da, a summer camp for disadvantaged youth, benefits from the services of four physicians, each of whom spends two weeks at the camp providing medical services to the campers. The doctors receive free room and board but no salary. Camp association standards require that a camp of Chi-Wan-Da’s size either have a physician on premises or have a physician on call. The Taconic Music Festival, a…
None
A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…
For-profit healthcare Corporation creates a bond issue that receives its credit ratings from the agency of the state government where the health care business is incorporated. Group of answer choices True False
Hi, Please help with E18-1. It is 10 multiple choice questions. Thank you.
The basis for recognizing patient care revenue is not always obvious. In a particular month Northwest Medical Clinic reported the following: 1. It provided direct care services to patients, billing them $400,000. Of this amount it received $120,000 in cash, but as a consequence of bad debts it expects to collect a total of only $330,000. 2. It provided direct care to patients covered by insurance and who are members of various group health plans for which, at standard rates, it would have billed $650,000. However, owing to contractual arrangements with the payers, it actually billed them for, and expects to collect, only $480,000. 3. It provided charity care for which it would have billed, at standard rates, $82,000. 4. It received capitation fees of $1,400,000 from health care plans and provided services to members of those plans for which it would have billed, at standard rates, $1,600,000. Prepare appropriate journal entries to recognize revenue.
In a statement of cash flows of a not-for-profit healthcare entity, what are the statement’s main sections?
3. Zach had surgery, which was his third claim of the year. He had a bill of $5000. Considering the prior visits, what is Zach's portion of this bill, and what is the responsibility of the insurance carrier? 4. How much is Zach responsible for so far this year considering his first three visits?