Summit Consulting Group (SCG) has 85 employees, 42 ofwhom are assigned to Department X and 43 to DepartmentY. SCG incurred $529,550 of health insurance costs during2025.Required: Determine the amount of the health insurancecosts to be allocated to Department X and to Department Y.

Determine the allocation basisSince Summit Consulting Group (SCG) has 85 total employees and…

Answered: Summit Consulting Group (SCG) has 85…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 4RE

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St. Joseph's Hospital began operations In December 2019 and had patlent service revenues totaling $1,230,000 (based on customary rates) for the month. Of this, $138,.000 is billed to patlents, representing their Insurance deductibles and copayments. The balance is billed to third-party payors, Including Insurance companles and govemment health care agencies. St. Joseph's estimates that 20 percent of these third-party payor charges wll be deducted by contractual adjustment. The hospital's fiscal year ends on December 31. Required: 1. Prepare the Journal entries for December 2019. Assume 15 percent of the amounts billed to patlents will be reduced through Implicit price adjustments. 2 Prepare the Journal entries for 2020 assuming the following: a. $18.000 is collected from the patients during the year and $1,300 of price adjustments are granted to individuals. b. Actual contractual adjustments total $306,000. The remalning recelvable from third-party payors Is collected. (If no entry Is…
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Kolinski Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has two service departments, Telecommunications and Administration, and two operating departments, Surgery and Recovery. Service Departments Operating Department Tele communications Administration Surgery Recovery $ 26,344 $ 27,472 $ 282,750 $ 599,690 Departmental costs Telecommunications ports Employees 31 14 40 34 30 11 74 27 Telecommunications Department costs are allocated on the basis of the number of telecommunications ports in departments and Administration Department costs are allocated on the basis of employees. The total Surgery Department cost after service department allocations is closest to: Multiple Choice $317,118 $314,853 $310,244 $305,921
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Delaware Medical Center operates a general hospital. The medical center also rents space and beds to separately owned entities rendering specialized services, such as Pediatrics and Psychiatric Care. Delaware charges each separate entity for common services, such as patients' meals and laundry, and for administrative services, such as billings and collections. Space and bed rentals are fixed charges for the year, based on bed capacity rented to each entity. Delaware Medical Center charged the following costs to Pediatrics for the year ended June 30, 20x1: Dietary Janitorial Laundry Laboratory Pharmacy Repairs and maintenance General and administrative Rent Billings and collections. Total Annual Patient Days Up to 22,000 22,001 to 26,000 26,001 to 29, 200 Aides 20 25 31 Patient Days (variable) $ 580,000 270,000 440,000 320,000 Nurses 10 14 16 220,000 $1,830,000 During the year ended June 30, 20x1, Pediatrics charged each patient an average of $300 per day, had a capacity of 50 beds, and…
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Kolinski Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has two service departments, Telecommunications and Administration, and two operating departments, Surgery and Recovery. Departmental costs Telecommunications ports Employees Multiple Choice O$317.118 $314,853 $310,244 Service Departments Tele communications $ 26,344 $305,921 31 30 Telecommunications Department costs are allocated on the basis of the number of telecommunications ports in departments and Administration Department costs are allocated on the basis of employees. The total Surgery Department cost after service department allocations is closest to: Administration $ 27,472 14 11 Operating Department Surgery Recovery $ 282,750 $ 599,690 40 74 34 27
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Summit Consulting Group (SCG) has 85 employees, 42 of whom are assigned to Department X and 43 to Department Y. SCG incurred $529,550 of health insurance costs during 2025. Required: Determine the amount of the health insurance costs to be allocated to Department X and to Department Y.