During 2017, Dr. Allen, collected $300,000 cash from his patients, of which $50,000 was for services that were rendered during 2016 and $10,000 was for service to be rendered during 2018. Dr. Allen also performed services in an amount of $90,000 during 2017 but has not yet collected this amount. Calculate Dr. Allen's service revenue for 2017 under the cash-basis and accrual-basis. CIRCLE ONE:

During 2017, Dr. Allen, collected $300,000 cash from his patients, of which $50,000 was for services that were rendered during 2016 and $10,000 was for service to be rendered during 2018. Dr. Allen also performed services in an amount of $90,000 during 2017 but has not yet collected this amount. Calculate Dr. Allen's service revenue for 2017 under the cash-basis and accrual-basis. CIRCLE ONE:

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 32P

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Under Lennon Hospital’s rate structure, it earned patient service revenue of $9 million for the year ended December 31, 2017. However, Lennon did not expect to collect this entire amount because it deemed $1.4 million to be charity care and estimated contractual adjustments to be $800,000. During 2017, Lennon purchased medical supplies from Harrison Medical Supply Company at a cost of $4,000. Harrison notified Lennon that it was donating the supplies to the hospital. Lennon is a private not-for-profit entity. How much should Lennon record as patient service revenue and how much as net patient service revenue? How should Lennon record the donation of the supplies?
Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021? $400500. $409500. $340500. $418500.
Under Lennon Hospital's rate structure, it earned patient service revenue of $9 million for the year ended December 31, 2017. However, Lennon did not expect to collect this entire amount because it deemed $1.4 million to be charity care and estimated contractual adjustments to be $800,000. During 2017, Lennon purchased medical supplies from Harrison Medical Supply Company at a cost of $4,00O. Harrison notified Lennon that it was donating the supplies to the hospital. Lennon is a private not-for-profit entity: a. How much should Lennon record as patient service revenue? (Enter your answer in millions rounded to 1 decimal place.) b. How much should Lennon record as net patient service revenue? (Enter your answer in millions rounded to 1 decimal place.) c. How should Lennon record the donation of the supplies? (Enter your answer in dollars not in millions.) a. Patient service revenue million b Net patient service revenue million C. Donation of the supplies
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