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- 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 $680,00066. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…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?
- Prepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.Under Cura Hospital’s established rate structure, patient service revenues of $9,000,000 would have been earned for the year ended December 31, 2019. However, only $6,750,000 was collected because of charity allowances of $1,500,000 and discounts of $750,000 to third-party payors. For the year ended December 31, 2019, what amount should Cura record as net patient service revenues? a. $6,750,000 b. $7,500,000 c. $8,250,000 d. $9,000,000White 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…
- P1.2. Alice Hospital provides you with the following information that relates to its operating results for the year ended December 31, 20X1: Nursing services expenses $3,900 Deductions from patient services revenues 1,200 Other professional services revenues 4,800 General services expenses 1,700 Nonoperating income 140 Fiscal and administrative services expenses 1,200 Daily patient services revenues 6,320 Other professional services expenses 2,610 Other operating revenues 450 Required: Prepare, in good form, a statement of operations for Alice Hospital for the year ended December 31, 20X1.1. A hospital reports the following information: Estimated bad debts—non-charity patients $ 500,000 Contractual adjustments—third party payors 1,000,000 Direct gross billings to non-charity patients 5,000,000 Gross billings to insurance companies and Medicare/Medicaid 17,000,000 Charity care, estimated billing value 2,000,000 Charity care, cost 1,200,000 Net patient service revenue, as reported on the hospital's statement of activities, is: 2. NFP organizations like the Red Cross invest in derivatives to hedge their financial risks. How do the accounting standards for NFP hedge investments differ from the accounting standards for other NFP investments? Select one: A. There is no difference. B. Unrealized gains and losses on hedge investments are reported as changes in net assets with donor restrictions on the statement of activities, while unrealized gains and losses on other investments are not reported. C. Unrealized gains and…1. A not-for-profit hospital performs services in the current year at a charge of $1 million. Of this amount, $200,000 is viewed as charity care services because no collection was expected at the time of the work. Additionally, officials expect another $94,000 to be bad debts. What should the hospital report as net patient service revenues? Select one: a.$906,000 b.$1,000,000 c.$706,000 d.$800,000 2. In the accounting for health care providers, what are third-party payors? Select one: a.Friends and relatives who pay the medical costs of a patient. b.Doctors who reduce fees for indigent patients. c.Insurance companies and other groups that pay a significant portion of the medical fees in the United States. d.Charities that supply medicines to hospitals and other health care providers. 3.What is a contractual adjustment? Select one: a.A year-end journal entry to recognize all of a health care entity's remaining receivables. b.An increase in a patient's…
- The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 450 $475 0 1. Service cost 2. Postretirement benefit expense 3. Net benefit liability (450) 125 (51) Thompson began funding the plan in 2024 with a contribution of $128,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary's discount rate is 6%. There were no changes in actuarial estimates and assumptions. (S in thousands) 75 (400) 112 (50) Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for the taxable year, 2018: Gross receipts from patients and laboratory 5,000,000.00 ;Income earned from unrelated activities 1,500,000.00 ; Total hospital expenses 2,300,000.00. What is the rate of unrelated activity income to St. Matthew Hospital's gross income? Determine the income tax liability of St. Matthew Hospital.2. ABC Hospital, a private non-profit hospital, has gross receipts ofP19,000,000,00 with a cost of P6,000,000,00 and allowable deductions ofP3,250,000.00 from related activities, while for its unrelated activities, it incurredP5,000,000.00 and P2,000,000.00 as cost of sales and allowable deductions,respectively, with a gross receipts of P18,000,000,00, for Calendar Year 2021.Tax due is: