Answer Question is belowGrady Home Health has $1,050,000 in Net Patient AccountsReceivable; $350,000 in Other Operating Revenue: TotalOperating Expenses of $3,250,000; and $4,500,000 in Net PatientRevenue.Determine the Days in Patient Accounts Receivable (Net AR Days)for this organization.

Explanation of Days in Accounts Receivable (AR): Days in AR is a key financial metric that measures…

Answered: Question is below Grady Home Health has…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 4MAD

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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…
36. Accounts receivable management. Given the information below, compute the days in accounts receivable, aging schedule, and accounts receivable as a percentage of net patient revenues for quarter 1 and quarter 2 of fiscal year 20X2, which runs from October 20X1 through September 20X2. Compare the two quarters to determine if the organiza- tion's collection procedure is improving. (Hint: For simplicity, assume that each month is thirty days. Dollar figures are expressed in thousands.) Quarter 1, 20X1 Dec Nov Oct Quarter Days outstanding 1-30 31-60 61-90 1-90 Net accounts receivable $1,000 $4,600 $14,000 $19,600 Net patient revenues $4,000 $20,000 $36,000 $60,000 Quarter 2, 20X2 Mar Feb Jan Quarter Days outstanding 1-30 31-60 61-90 1-90 Net accounts receivable $14,000 $4,600 $1,000 $19,600 Net patient revenues $36,000 $20,000 $4,000 $60,000
Assume selected financial data for Sun Health Group and Select Medical Corporation, two companies in the health-care industry, are as follows: ($ in millions) NetSales Beginning Accounts Receivable Ending Accounts Receivable Sun Health $ 2,430 $ 240 $ 227 Select Medical 2,740 439 378 Required: 1-a. Calculate the receivables turnover ratio and average collection period for Sun Health and Select Medical. (Round Average accounts receivable to 1 decimal place. Enter your answers in millions.) Receivables Turnover Ratio / = Receivables Turnover Ratio Sun Health / = times Select Medical / = times Average Collection Period / = Average Collection Period Sun Health / = days Select Medical / = days
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Assume selected financial data for Sun Health Group and Select Medical Corporation, two companies in the health-care industry, are as follows: ($ in millions) Net Sales Beginning Accounts Receivable Ending Accounts Receivable Sun Health $2,730 $255 $242 Select Medical 3,040 454 393 Required: 1-a. Calculate the receivables turnover ratio and average collection period for Sun Health and Select Medical.1-b. Which company maintains a higher receivables turnover?
At Inner City Health Care, the total account receivable at the end of May is $100,00 and the monthly receipts total is 75.000, the total accounts receivable ath the end of june is 82.000 and the monthly receipts total is $31.000, the totat accounts receivable at the end of july is $86,000 and the monthly receipts total $20,000; the total accounts receivable at the end of August is $93,000 an the monthly receipts total is $45,000. What is the account receivable ratio for each month? Show your calculations in the space provided. Which month has the healthiest accounts receivable ratio? Why?
A hospital provided $750,000 of billable services to noncapitated patients. Payment has not yet been received. When the transaction is recorded on the general ledger, cash (an asset) is increased by $750,000 and patient revenue is decreased by $750,000. True False
6
The XYZ Corporation owns and operates casinos. As of a recent year, The XYZ Corporation reported accounts receivable of $663,000 and allowance for doubtful accounts of $80,886. Patient Care manufactures and sells a wide range of health care products. As of a recent year, Patient Care reported accounts receivable of $888,000 and allowance for doubtful accounts of $15,984. Round your answers to one decimal place. a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for The XYZ Corporation. % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care. % c. Possible reasons for the difference in the two ratios computed in (a) and (b) include: Casino operators historically lose money on operations. Casino operators have larger accounts receivable. Individuals who may have adequate creditworthiness could overextend themselves and lose more than they can afford if they get caught up in the excitement…
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Question is below Grady Home Health has $1,050,000 in Net Patient Accounts Receivable; $350,000 in Other Operating Revenue: Total Operating Expenses of $3,250,000; and $4,500,000 in Net Patient Revenue. Determine the Days in Patient Accounts Receivable (Net AR Days) for this organization.