Business, 25.02.2020 23:16 24chrim

The Maggie King Hospital, a not-for-profit hospital, had the following transactions regarding its patient service billings.

1. The total services provided by the hospital to all patients during the year amounted to $19 million at the hospital’s established billing rates.

2. Transaction 1 includes billings to Medicare (for services to program beneficiaries) at prospectively determined rates. Under this program contractual adjustments to the predetermined rates were $1.5 million.

3. Transaction 1 also includes billings to third-party payer X under an agreement that calls for retrospective final rates. Interim billing rates under this agreement resulted in contractual adjustments of $1 million.

4. The hospital provided charity care included in transaction 1 valued at $500,000 at the established rates.

5. The hospital made a provision for bad debts in the amount of $300,000.

6. The hospital collected $13.5 million from third-party payers and direct-pay patients. The hospital also wrote off bad debts of $200,000.

7. The hospital estimated it would need to refund $100,000 to payer X in transaction 3 when retrospective rates are determined. (The hospital’s receivables include no amounts due from payer X.)

Prepare the journal entries needed to record these transactions. State (a) the amount of net patient service revenue the hospital will report on its operating statement and (b) the amount of net patient accounts receivable the hospital will report on its balance sheet.

Also, state (c) how the estimated third-party payer settlements should be reported and (d) how charity care should be reported.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 07:50

Budget in this final week, you will develop a proposed budget of $150,000 for the first year of the program and complete the final concept paper for the proposed program due for senior management review. the budget should identify the program's anticipated expenses for the year ahead. budget line items should be consistent with the proposed program and staffing plan. using the readings for the week, the south university online library, and the internet, complete the following tasks: create a proposed budget of $150,000 for the first year of the proposed program including the cost for personnel, supplies, education materials, marketing costs, and so on in a microsoft excel spreadsheet. you may transfer your budget to your report. justify the cost for each item of the proposed budget in a budget narrative.

Answers: 2

Answer

Business, 22.06.2019 08:20

(05.04 mc) a 2012 report from the u.s. surgeon general stated: "another common practice is strategically locating tobacco-related marketing materials where young children will be exposed to them. tobacco industry executives acknowledge that products and advertising should be placed at eye level (pollay 2007), but in california, 48% of stores had at least one cigarette marketing item at or below 3 feet from the floor (feighery et al. 2001)." it was also noted that 25% of cigarette displays were next to candy. in addition, a national study found that about one-third of the stores had tobacco ads at low heights. after california banned counter displays, some stores place cigarettes in transparent displays so product brands could still be seen. why did some stores use transparent units to display the cigarettes? (3 points) to comply with the new rules while still encouraging cigarette purchases via visual exposure to ensure children and minors are not exposed to cigarettes and their eye-catching packaging to minimize exposure to humidity, extending the shelf life of the cigarettes' tobacco to reduce the occurrence of shoplifting, since cigarettes are high-revenue items

Answers: 3

Answer

Business, 22.06.2019 11:40

On coral island in 2012, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. during 2013, 200 unemployed people found jobs and the working-age population increased by 1,000. the total number of people in the labor force did not change. the working-age population at the end of 2013 was the unemployment rate at the end of 2013 was round up to the second decimal. the labor force participation rate at the end of 2013 was round up to the second decimal.

Answers: 1

Answer

Business, 22.06.2019 17:10

Storico co. just paid a dividend of $3.15 per share. the company will increase its dividend by 20 percent next year and then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5 percent dividend growth, after which the company will keep a constant growth rate forever. if the required return on the company’s stock is 12 percent, what will a share of stock sell for today?

Answers: 1

Answer

You know the right answer?

The Maggie King Hospital, a not-for-profit hospital, had the following transactions regarding its pa...

Questions