Question
Compute Wynn Memorial nursing home's average payment period. Wynn Balance Sheet Current Assets 2009 2008 Cash and cash equivalents $30 $50 Net Patient receivables 295
Compute Wynn Memorial nursing home's average payment period.
Wynn Balance Sheet
Current Assets 2009 2008
Cash and cash equivalents $30 $50
Net Patient receivables 295 235
Prepaid Expenses 80 80
Total current assets 405 365
Plant,property, and equipment
Gross plant, property and Equip 350 300
less accumulated depreciation (70) (50)
net plant, property & equipment 280 250
Construction in Progress 203 0
Total Assets $888 $615
Current Liabilites
Account payable $220 $190
Salaries Payable 75 50
Total current liablities 295 240
Long term liabilities
bonds payable 100 100
Total long term liabilities 100 100
Net Assets 493 355
Wynn Memorial State of operations. 2009 2008
Revenues
net patient service revenue $1400 $1200
other revenue 200 200
total revenue 1600 1400
Expenses
Nursing servics 1320 1150
Administrative services 110 100
depreciation 20 15
general services 50 35
Total expenses 1500 1300
operating income 100 100
excess of revenues over expenses 100 100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
