Goffney

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?

Course: Principle Of Healthcare Finance Which of the following statements best describes the role of the Chief Financial Officer?     The main job duties will center around preparing financial documents, collecting data for monthly journal entries, and prepping yearly statements     The primary responsibility is to supervise all clinical aspects of the organization     Overall responsibility for the operating and capital budgets, and normally oversees capital investments and financing.     The only responsibilities are for payroll, accounts payable, accounts receivable, and tax compliance

“Financing Health Care in a Time of Insurance Restructuring” Please respond to the following:Analyze the impact of financing the present U.S. health care system and the consequential ramifications for citizens. Rationalize the use of dwindling funds to support the burgeoning U.S. health difficulties in a time of other competitive national interests.Evaluate the levels of affordability and accessibility of different health services protocols that apply to working Americans and senior citizens under the U.S. health insurance umbrella. Rationalize the use of taxpayers funding for uninsured and economically challenged individuals.

Which of these duties might a financial manager in a healthcare organization be responsible for?     Prepare a year to date trial balance report for the annual tax filing     Conduct data analysis to report to the board of directors on new revenue sources     Complete a medical supply inventory and submit it to the purchasing department     Submitting invoicing to an insurance company for payment

The following selected events relate to the 2019 activities of Fall Nursing Home, Inc., a not-for-profit agency:a. Gross patient service revenue totaled $2,200,000. The provision for uncollectible accounts was estimated at $92,000. The allowance for contractual adjustments was increased by $120,000.b. After a conference with representatives of Gold Star Insurance Company, differences between the amounts accrued and subsequent settlements reduced receivables by $60,000.c. A grateful patient donated securities with a cost of $30,000 and a fair value at date of donation of $75,000. The donation was restricted to expenditure for modernization of equipment. The donation was accepted.d. Cash of $45,000 that had been restricted by a donor for the purchase of furniture was used this year. Fall chose to release the donor restriction over the useful life of the asset.e. The board voluntarily transferred $50,000 of cash to add to the resources held for capital improvements.f. Pledges of $60,000…

What is a contractual adjustment? Choose the correct.a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all of a health care entity’s remaining receivables.c. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.d. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.

3. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 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: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…

3. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 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: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…

Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…

Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…

A private not-for-profit health care entity has the following account balances: What is reported as the organization’s net patient service revenue? $880,000 $800,000 $690,000 $680,000

Harrington Hospital provides you with the following information that relates to its financial position at August 31, 20X2, and its operating results for the year then ended: Accounts payable Nonoperating income Accounts receivable Deferred income Long-term investments Nursing services expenses Bonds payable (due 20X9) Daily patient services revenues Fiscal and administrative services expenses Cash Notes payable Land, buildings, and equipment Deductions from patient services revenues Prepaid expenses Other professional services expenses Other professional services revenues Accrued expenses payable Accumulated depreciation Inventory Hospital net assets, August 31, 20X1 Other operating revenues General services expenses $ 430 190 2,950 60 590 4,300 4,100 6,830 1,600 340 180 8,600 970 70 2,900 4,560 820 3,200 240 3,660 630 2,100 Prepare, in good form, (question 1) a statement of operations for Knight Hospital for the year ended August 31, 20X2, and (question 2) a balance sheet for Knight…

Question: The articles below is my classmate discussion post can you please give explanation why you agree with the articles below? According to the SEC 10-K, Procter & Gamble organizes its business into five strategic business units (SBUs) and five reportable segments as per U.S. GAAP. These segments cover Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care. The SBUS oversee global brand strategies, product innovations, and supply chain management, with direct profit responsibility for key markets termed "Focus Markets." They also drive growth in other markets, referred to as "Enterprise Markets." The MD&A discusses business performance by region, including North America, Europe, Greater China, Latin America, Asia Pacific, and India, Middle East, and Africa (IMEA), offering insights into geographical revenue contributions and market dynamics. Their largest customer is Walmart Inc. and its affiliates, which accounted for consolidated net sales of…

From the following particulars prepare a balance sheet for Health and Wellness Hospital as at December 31, 2020.  Cash - $50,000.00  Inventory - $25,000.00 Accounts payable - $15,000.00 Wages Payable – $10,000.00 Notes payable - $16,500.00 Mortgage payable - $75,000.00 Plant and equipment $120,000.00 Accounts receivable - $20,500.00 Prepaid Insurance $5,000.00 Owners equity – Please calculate amount

Calculate and show the debt service coverage ratio for these two hospitals.    Which would be more likely to get a loan using debt financing?  Why?  Which would be more likely to use equity financing?  Why?                                                                Hospital 1            Hospital 2  Current Liabilities                               $145,685,000          $224,790,000  Excess of Revenue over Expenses     $33,000,000              $3,500,000  Depreciation and Amortization            $4,010,101                $7,645,000  Annual Debt Service Payments          $6,435,000              $13,000,000  Current Assets                                   $184,500,000         $223,400,000  Interest                                                    $2,750,000           $4,125,000  Principal Payments                               $10,000,000         $15,000,000

White Valley Presbyterian Hospital is a nonprofit initial care facility. For the hospital’s calendar year ending December 31, 2019 journal entries to record the transactions listed in 1 through 14. below Third-parties payers and direct-pay patients were billed $6,500,000 at the hospital's established billing rates The hospital determined that certain of its patients qualified for charity care and that it would not seek to collect $950,000 at established billing rates from direct-pay patients The hospital estimated contractual adjustments for the year of $1,600,000 The hospital originally estimated uncollectible amounts from direct-pay patients to be $250,000 (recall that original estimated uncollectible amounts reduce revenue; only estimates specific to an individual patient are reported as bad debt expense). The hospital received capitation premiums of $2,500,000. It estimated that the cost of providing this care was $1,800,000 The hospital received payments from third-party payers…

Codification Research CaseMonat Company has grown rapidly since its founding in 2004. To instill loyalty in its employees, Monat is contemplating establishment of a defined benefit plan. Monat knows that lenders and potential investors will pay close attention to the impact of the pension plan on the company's financial statements, particularly any gains or losses that develop in the plan. Monat has asked you to conduct some research on the accounting for gains and losses in a defined benefit plan.InstructionsIf your school has a subscription to the FASB Codification, log in and prepare responses to the following. Provide Codification references for your responses.a.    Briefly describe how pension gains and losses are accounted for.b.    Explain the rationale behind the accounting method described in part (a).c.    What is the related pension asset or liability that will show up on the balance sheet? When will each of these situations occur?

Exercise 17-25 (Algo) Postretirement benefits; determine APBO, service cost, interest cost; prepare journal entry [LO17-10, 17-11] The following data are available pertaining to Household Appliance Company's retiree health care plan for 2024: Number of employees covered Years employed as of January 1, 2024 Attribution period 2 2 [each] 25 years Expected postretirement benefit obligation, January 1 Expected postretirement benefit obligation, December 31 Interest rate Funding Required: 1. What is the accumulated postretirement benefit obligation at the beginning of 2024? $ 56,000 $ 58,800 5% none

(AUTHORIZATION MATRIX) The following are the authorized signatories for Serrano Company: Mr. A. Serrano  Mrs. B. Serrano Mr. C. Serrano Ms. D. SerranoAuthorization matrix revealed the following: Amount of Disbursement Who Will Sign? P10,000 and below ANY one (1) of the four (4) signatories P20,000 and below Mr. C. Serrano AND Ms. D. Serrano, jointly   Mr. A. Serrano, singly   Mrs. B. Serrano, singly P50,000 and below (PRIMARY)Mr. A. Serrano AND Mrs. B. Serrano, jointly   (SECONDARY)1st signatory: either Mr. A. OR Mrs. B. Serrano;2nd signatory: either Mr. C OR Ms. D. Serrano NOTE: Secondary is only used when one of the primary is not available.   On November 6, the Finance Department prepared the following checks, vouchers and supporting documents for approval:   Check number Payee Amount Complete Documents 00032 Juanito Dela Costa P 7,500.00 a 00033 Crisanta Ramirez 9,473.23 a 00034 Ramona Aquino 5,267.85 a 00035 Techie Supplies Inc. 23,460.00 a…

Classified Electronics 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 2023. As of the end of 2024, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $84,000. Each of the employees will become fully eligible for benefits after 22 more years of service but aren't expected to retire for 35 more years. The interest rate is 6%. Required: 1. What is the expected postretirement benefit obligation at the end of 2024? 2. What is the accumulated postretirement benefit obligation at the end of 2024? 3. What is the expected postretirement benefit obligation at the end of 2025? 4. What is the accumulated postretirement benefit obligation at the end of 2025? 1. Expected postretirement benefit obligation 2024 2. Accumulated postretirement benefit obligation 2024 3. Expected postretirement benefit obligation 2025…