Multiple statements. The following are account balances (in thousands) for Lima Health Plan. Prepare (a) a balance sheet and (b) an income statement for the year ended December 31, 20 X0. Givens (in '000s) Income tax benefit of operating loss $12,000 Net property and equipment Physician services expense $244,000 Premium revenue $225,000 Marketing expense $21,000 Compensation expense, $15,000 Interest income and other revenue, $9,000 Outside referral expense, $7,000Medicare revenue, $160,000 Occupancy and depreciation expense $1,000 Medical claims payable, $57,000 Accounts receivable, $1,500 Emergency room expense, $24,000 Inpatient services expense $191, 000 Interest expense $1,000 Medicaidrevenue $55,000 Stockholders' equity $71, 700 Cash and cash equivalents $127,000 Long-term debt $2,800 Other administrative expense $1,400

The balance sheet is one type of financial statement that shows the assets and liabilities of a…

Answered: Multiple statements. The following are…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.1.4MBA

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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…
The following are account balances for Scott Regional Hospital as of September 30, 20X1. Prepare a balance sheet at September 30, 20X1 for Scott Regional Hospital. You will create a balance sheet outside Blackboard. Enter balances for Total Current Assets; Net plant, property & equipment; Total Assets; Total Current Liabilities; Total Liabilities; Total net assets and Total liabilities and net assets. Givens: Gross plant, property, and equipment $25,000,000 Accrued expenses $2,750,000 Cash $2,000,000 Net accounts receivable $9,500,000 Accounts payable $6,200,000 Long-term debt $16,000,000 Supplies $2,000,000 Accumulated depreciation $1,750,000
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.
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% None
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice General Journal Postretirement benefit expense APBO What is the correct entry to record postretirement benefit expense for the current year? Note: Do not round intermediate calculations and round your answers to the nearest whole dollar. General Journal Postretirement benefit expense APBO General Journal Postretirement benefit expense APBO General Journal Postretirement benefit expense 5 4 (each) years 20 Cash $ 56,000 $ 61,040 9% None Debit Credit 3,060 3,060 Debit Credit 4,100 4,100 Debit Credit 4,060 4,060 Debit Credit 4,060 4,060
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.
Projected revenue for year 20X1 is as follows: $845,622 in January, $517,629 in February, $528,674 in March, and $847,032 in April. Historical net revenues categorized by payer: Payer Medicare Medicaid Blue Cross Private Payer Revenue Percent Medicare 8,331,224 Medicaid 12,723,238 Blue Cross 10,763,087 Collection patterns by payer: Private Total Within 1 Month 21% 9% 5% 54% 5,527,687 Within 2 Months 33% 17% 40% 30% ? Within 3 Months 35% 48% 36% 5% Within 4 Months Total ? 100% ? 100% ? 100% ? 100% How much revenue do we expect to collect in total in March? (Do
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets None What is the service cost to be included in the current year's postretirement benefit expense? O $3,200. $4,000. 5 4(each) 20years O $3,180. O $3,000. $ 60,000 $ 63,600 6%
Projected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)
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?
analyze at least two year’s financial statements Mayo Clinic healthcare organization and What are the main elements of a financial statement and What are the financial results of the hospital
A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…

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