A private not-for-profit health care entity charges patients $4 million that will be covered by various government
Question:
A private not-for-profit health care entity charges patients $4 million that will be covered by various government programs. These programs are entitled to $1.9 million in explicit price concessions. The health care entity believes it has a 60 percent chance of receiving the net amount but a 40 percent chance of receiving $200,000 less after government adjustments. What are the two possible journal entries that the health care entity can report?
Step by Step Answer:
This type situation is common in health care because thirdparty payors often have the ri...View the full answer
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
The following questions concern the appropriate accounting for a private not-for-profit health care entity. Write complete answers for each question. a. What is a third-party payor, and how have...
-
In the reporting of a private not-for-profit health care entity, officials are allowed to apply a portfolio approach. What is meant by a portfolio approach?
-
The following questions concern the appropriate accounting for a private not-for-profit health care entity. Write complete answers for each of these independent questions. a. What is a third-party...
-
Evaluate the stiffness matrix for the elements shown in Figure P11-6. Let E = 100 GPa and v = 0.3? Figure P11-6, (a) (b) (25, 25.0) 2 (10, 0, 0) (40, 0,0) (25, 0, 25) (10, 7, 0) (4, 2, 0) (12, 2, 0)...
-
The T-beam shown in the figure is fabricated by welding together two steel plates. If the allowable load for each weld is 1.8k/in. in the longitudinal direction, what is the maximum allowable shear...
-
explain the nature and treatment of taxation in limited company accounts.
-
Evaluate the use that cash-basis IPSAS can have in promoting the adoption of full accrual accounting.
-
The hull of an experimental boat is to be lifted above the water by a hydrofoil mounted below its keel, as shown in Figure P14.75. The hydrofoil has a shape like that of an airplane wing. Its area...
-
Current Attempt in Progress Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows....
-
In Fig. P4.2-6, if (t) = sin (wet + 0), and the output eo(t) is passed through a low-pass filter, then show that this circuit can be used as a phase detector, that is, a circuit that measures the...
-
BC and OP are both private not-for-profit entities. They combine to create LM, a new private not-for-profit entity with an entirely new board of directors. BC holds land with a book value of $300,000...
-
A private not-for-profit hospital provides services for patients without any health insurance. The standard charge for individuals with some ability to pay is $700,000. The standard charge for...
-
Comment on the following statement: A financial projection presents an organizations expected results, given a hypothetical assumption.
-
MATA 31 Calculus 1 winter 2024 Problem Set 2 Feb 11 Feb 18 on Crowdmark Each question is 25 points. 1. (25) (a) (15) Given that lim 3 2x + 3 for = 0.1 = 3, find the largest & that works (b) (10) Find...
-
A retailer has product demand 9600 units a year. The carrying cost of one unit of the product is $3.50 per year. Ordering costs are $28 per order. a. What is the Economic Order Quantity (EOQ)? (2...
-
How do I key in this into journal entries Crest Pte Ltd Trial Balance Cash Accounts receivable, Augusta Office Equipment Opening Bal as at 1 Mar 2021 Debit (5) Credit ($) 15,000 5,000 13,000...
-
If an atomic layer is approximately 0.1nm thick, how fast are the protein synthesis machines working in atomiclayers/satomiclayers/s?
-
Consider the 4 sets of data shown below for v(t) the velocity of an object in freefall with the corresponding linear curve fits. The slope of the best fit line gives the acceleration, and for...
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). Anything of value pledged by the borrower that the lender may sell or keep if the borrower does not repay the loan is called the...
-
Hotel Majestic is interested in estimating fixed and variable costs so that the company can make more accurate projections of costs and profit. The hotel is in a resort area that is particularly busy...
-
Door Corporation, a U.S. company, sold inventory items to Royal Cabinets Ltd. of Great Britain for 200,000 on May 1, 2011, when the spot rate was 0.6000 pounds. The invoice was paid by Royal on May...
-
1. On September 1, 2011, Bain Corporation received an order for equipment from a foreign customer for 300,000 euros, when the U.S. dollar equivalent was $400,000. Bain shipped the equipment on...
-
Monroe Corporation imports merchandise from some Canadian companies and exports its own products to other Canadian companies. The unadjusted accounts denominated in Canadian dollars at December 31,...
-
Justice Corporation Comparative Balance Sheet December 31, 2025 and 2024 2025 2024 Assets Current Assets: $ Cash and Cash Equivalents 2,254 $ 1,876 Justice Corporation reported the following...
-
The Fields Company has two manufacturing departments forming and painting. The company uses the FIFO method of process costing at the beginning of the month the forming department has 33.000 units in...
-
A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Last Year $ 96,000 $ 70,000 640,000 672,500...
Study smarter with the SolutionInn App