!Requlred Informatlon[The following information applies to the questions displayed below.)Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below.AmountEstinated PercentAge GroupNot yet duee-90 days past due91-180 days past dueMore than 180 days past dueTotalReceivableUncollectible$38,0003%15,8e018, 80013,40015%20%85%$78,0003. On July 19, 2022, a customer's account balance of $7.800 is written off as uncollectible. Record the write-off. (If no entry Is requlred for a particular transaction/event,"No Journal Entry Requlred" In the first account fleld.)View transaction listJournal entry worksheet1<>Record write off of actual bad debts.Note: Enter debits before credits.DateGeneral JournalDebitCreditJuly 19, 2022

At the time of write off of uncollectible account of customer, Accounts receivable is credited and…

Requlred Informatlon [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Amount Estimated Percent Age Group Not yet due e-90 days past due 91-18e days past due More than 18e days past due Receivable Uncollectible $38,800 15, Be0 10, see 13,400 $78,000 3% 15% 20% 85% Total 3. On July 19, 2022, a customer's account balance of $7,800 is written off as uncollectible. Record the write-off. (If no entry Is requlred for a particular transactilon/ever "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 <> Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

Requlred Informatlon [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Amount Estimated Percent Age Group Not yet due e-90 days past due 91-18e days past due More than 18e days past due Receivable Uncollectible $38,800 15, Be0 10, see 13,400 $78,000 3% 15% 20% 85% Total 3. On July 19, 2022, a customer's account balance of $7,800 is written off as uncollectible. Record the write-off. (If no entry Is requlred for a particular transactilon/ever "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 <> Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

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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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…
The following represents the aging of contributions receivable for McKenzie Health Foundation for the historical years ended June 30, 2020, 2019, 2018, 2017, 2016, and 2015. Contributions receivable vary significantly by year; however, contribution revenue has been fairly stable over the five-year period. Fiscal Year-End 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 Total contributions receivable $1,003,900 $1,225,650 $913,550 $1,907,700 $625,800 $483,750 Allowance for uncollectible contributions 31,689 40,100 29,327 68,870 21,903 19,530 Total contribution revenue 20,066,850 20,960,895 19,094,525 21,011,340 20,879,860 20,571,300 Aging of contributions receivable 0–30 days $546,000 $394,800 $457,800 $1,547,700 $625,800 $456,750 31–60 days 23,400 383,400 261,000 360,000 0 27,000 61–90 days 389,500 447,450 194,750 0 0 0 >90 days 45,000 0 0 0 0 0 $1,003,900 $1,225,650 $913,550 $1,907,700 $625,800 $483,750 a) Prepare a report…
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 >
Classified Elec. has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 1996. As of the end of 1997, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $72000. Each of the employees will become fully eligible for benefits after 28 more years of service but aren't expected to retire for 35 more years. The interest rate is 6%. what is the accumulated post retirement benefit obligation at the end of 1998? what is the expected postretirement benefit obligation at the end of 1998?
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Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $578,000. Of this amount, $68,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group AmountReceivable Estimated Percent Uncollectible Not yet due $ 28,000 5 % 0-90 days past due 14,800 10 % 91–180 days past due 9,800 30 % More than 180 days past due 15,400 80 % Total $ 68,000 3. On July 19, 2022, a customer’s account balance of $6,800 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2019. Using the information presented below, complete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that included September 12—15 employees Wages paid third quarter—$89,352.18 Federal income tax withheld in the third quarter—$10,195.00 Taxable social security and Medicare wages—$89,352.18 Total tax deposits for the quarter—$23,865.92
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Riverrun Company provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $29,500 for medical insurance and contribute an additional $9,600 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31. View transaction list Journal entry worksheet 1 Record the costs of employee benefits. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >
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