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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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).…
Q4- The following information is extracted from Gamma Hospital's financial records. Patient accounts receivable, net Patient service revenue, gross Provision for contractual adjustments 14,000,000 97,000,000 12,000,000 Required: Compute the number of days' revenue in patient accounts receivable.
Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??
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?
Pitman Hospital received interest payments of $6,000 during 2022. Its balance sheets reported accrued interest receivable as follows: 12/31/21 $3,000 12/31/22 1,000 What amount should be reported as interest income in the hospital’s 2022 statement of operations? 4,000 2,000 9,000 7,000
Prepare a classified balance sheet Note not all accounts listed here may be used in solving this problem Cash $950,000.00 $150,000.00 $650,000.00 $211,000.00 Patient Receivable Patient Revenue Accounts Receivable Inventory $410,000.00 $125,000.00 $740,000.00 $112,000.00 $201,000.00 $615,000.00 $116,000.00 $213,000.00 $149,000.00 $119,000.00 $111,111.00 $510,000.00 $350,000.00 $420,000.00 Inventory Expense Investments Insurance Expense Prepaid Insurance Supplies Mortgage Payable Supply Expense Wages Payable Wage Expense Salaries Payable Unearned Revenue Net Assets with donor restrictions Net Assets without donor restrictions
P1.2. Alice Hospital provides you with the following information that relates to its operating results for the year ended December 31, 20X1: Nursing services expenses $3,900 Deductions from patient services revenues 1,200 Other professional services revenues 4,800 General services expenses 1,700 Nonoperating income 140 Fiscal and administrative services expenses 1,200 Daily patient services revenues 6,320 Other professional services expenses 2,610 Other operating revenues 450 Required: Prepare, in good form, a statement of operations for Alice Hospital for the year ended December 31, 20X1.
From the following particulars prepare a balance sheet for Health and Wellness Hospital as at December 31, 2020. Cash - $50,000.00 Inventory - $25,000.00 Accounts payable - $15,000.00 Wages Payable – $10,000.00 Notes payable - $16,500.00 Mortgage payable - $75,000.00 Plant and equipment $120,000.00 Accounts receivable - $20,500.00 Prepaid Insurance $5,000.00 Owners equity – Please calculate amount
3 The following data are available pertaining to Firewall Corporation's retiree health plan for 2021: Number of employees covered Years employed as of January 1, 2021 Attribution period EPBO, January 1 EPBQ, December 31 Interest rate Funding 4 5 (each) 20 years $112,000 $123,200 10% none Required: 1. What is the APBO at the beginning of 2021? 2. What is the interest cost for 2021? 3. What is service cost for 2021? 4. Prepare the journal entry to record the postretirement benefit expense for 2021. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What is the APBO at the beginning, interest cost and service cost for 2021? 1. APBO 2. Interest cost 3. Service cost Req 1 to 3 Req 4 >
Prepare a classified balance sheet Be careful as this is a classified financial statement All accounts may not be used Third party revenue $6,100,000.00 Patient receivable $10,350,000.00 Accounts Receivable $1,400,000.00 Cash $50,000,000.00 Insurance expense $3,687,000.00 Mortgage Payable $12,630,000.00 Mortgage Payable- Current $1,100,000.00 Inventory (asset) $7,800,000.00 Wages Payable $3,900,000.00 Wage Expense $2,700,000.00 Inventory expense $4,650,000.00 Plant and Equipment $41,700,000.00 Accounts Payable $18,300,000.00 Supplies Payable $8,175,000.00 Medical Supplies $12,300,000.00 Medical Supply Expense $2,943,000.00 Net Assets without donor restrictions $17,693,000.00 Net assets with donor restrictions ???????????
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…
21. A nonprofit hospital reported the following final ending amounts in its financial statements for its year ending December 31: $150,000 $70,000 $10,000 # of Employees Temp. Rest. NA Long-Term Assets Short-Term Assets 340 $2,000 $130,000 $123,000 Unrestricted NA Restricted NA Long-term Liabilities ? Short-Term Liab. How much is the hospital's Long-term Liabilities at December 31? [Note: "NA"=Net Assets; "Temp. Rest."=Temporarily Restricted] As DA