Prepare a Statement of Operations for AAA Clinic as of December 31, 2021. not all accounts listed may be used in solving this problem) $650,000.00 $950,000.00 Patient Revenue Cash $350,000.00 $654,000.00 $230,000.00 $471,000.00 $110,000.00 $65,000.00 $112,000.00 $45,000.00 $118,000.00 $125,000.00 Patient receivable Inventory Supplies Labor Wage expense Interest Expense Interest Payable Insurance Expense Prepaid Insurance Insurance Payable $33,000.00 Depreciation Expense Accumulated Depreciation $479,000.00

Prepare a Statement of Operations for AAA Clinic as of December 31, 2021. not all accounts listed may be used in solving this problem) $650,000.00 $950,000.00 Patient Revenue Cash $350,000.00 $654,000.00 $230,000.00 $471,000.00 $110,000.00 $65,000.00 $112,000.00 $45,000.00 $118,000.00 $125,000.00 Patient receivable Inventory Supplies Labor Wage expense Interest Expense Interest Payable Insurance Expense Prepaid Insurance Insurance Payable $33,000.00 Depreciation Expense Accumulated Depreciation $479,000.00

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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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.
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