Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 4CYBK
Which of the following assertions is relevant to whether the cash balances reflect the true underlying economic value of those assets?
a. Existence/occurrence.
b. Completeness.
c. Rights and obligations.
d. Valuation or allocation.
e. All of the above.
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St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $1,030,000 (based on customary rates) for the month. Of this, $219,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31.
Required:
Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments.
Prepare the journal entries for 2024 assuming the following:
$107,000 is collected from the patients during the year, and $10,300 of price adjustments are granted to individuals.
Actual contractual adjustments total $168,000. The remaining receivable from third-party payors is collected.
The owner's equity at the beginning of the period for
Vivo Enterprises was $52,000. At the end of the
period, assets totaled $110,000, and liabilities were
$28,000. If the owner made an additional investment
of $12,000 and withdrew $9,000 during the period,
what is the net income or (net loss) for the period?
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Auditing: A Risk Based-Approach (MindTap Course List)
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