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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Multiple statements. The following are account balances (in thousands) for Lima Health Plan. Prepare (a) a balance sheet and (b) an income statement for the year ended December 31, 20 X0. Givens (in '000s) Income tax benefit of operating loss $ 12,000 Net property and equipment Physician services expense $244,000 Premium revenue $225,000 Marketing expense $21,000 Compensation expense, $15,000 Interest income and other revenue, $9,000 Outside referral expense, $7,000 Medicare revenue, $160,000 Occupancy and depreciation expense $1,000 Medical claims payable, $57,000 Accounts receivable, $1,500 Emergency room expense, $24,000 Inpatient services expense $191, 000 Interest expense $1,000 Medicaid revenue $55,000 Stockholders' equity $71, 700 Cash and cash equivalents $127,000 Long-term debt $2,800 Other administrative expense $1,400
Projected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)
Projected revenue for year 20X1 is as follows: $845,622 in January, $517,629 in February, $528,674 in March, and $847,032 in April. Historical net revenues categorized by payer: Payer Medicare Medicaid Blue Cross Private Payer Revenue Percent Medicare 8,331,224 Medicaid 12,723,238 Blue Cross 10,763,087 Collection patterns by payer: Private Total Within 1 Month 21% 9% 5% 54% 5,527,687 Within 2 Months 33% 17% 40% 30% ? Within 3 Months 35% 48% 36% 5% Within 4 Months Total ? 100% ? 100% ? 100% ? 100% How much revenue do we expect to collect in total in March? (Do
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
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?
What will be the steady - state receivables balance on these general accounting question?
The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2019 Assets Current assets: Cash and Cash Equivalents $ 485,400 Accounts and notes receivable (net of uncollectible accounts of $17,500) 28,200 Inventory 98,200 Total current assets 611,800 Assets limited as to use: Cash $ 18,840 Investments 237,720 Total assets limited as to use 256,560 Property, plant, and equipment: Land 218,600 Buildings (net of accumulated depreciation of $1,624,700) 2,901,500 Equipment (net of accumulated depreciation of $1,026,200) 1,862,200 Total property, plant, and equipment 4,982,300 Total assets $ 5,850,660…
Home Infusion provides an average of 14 home health visits a day at an average net charge of $94 per visit. They provide services approximately 250 days per year. All services are paid by two third-party payers: One pays for 29 percent of the billing 19 days after the service is provided and the second pays for the remaining billings in 29 days. Average cost of debt (i.e. the interest rate on bank loans) is 3%. What is the average accounts receivable balance? (Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $123,456.789 should be entered as 123456.79.) Give typing answer with explanation and conclusion
8
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% None

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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.