Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 31, 2024

For the month of September, receipts at the offices of Drs. Lewis and King totaled $35,000. The Medicare/Medicaid adjustment for the month was $1,750, and

For the month of September, receipts at the offices of Drs. Lewis and King totaled $35,000. The Medicare/Medicaid adjustment for the month was $1,750, and the managed care adjustment was $4,500. Total charges for the month of September equaled $53,000.

What is the collection ratio for the month of September? Show your calculations.

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

Recommended Textbook for

Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

10th Edition

B010IKDQZM

Students also viewed these Accounting questions

Question

★★★★★

Describe several features of the ACA that are designed to minimize adverse selection. Why might some of those measures not end up working very well?

Answered: 1 week ago

Question

★★★★★

Eastern Supply uses the allowance method in accounting for uncollectible accounts with the estimate based on the aging-of-accounts-receivable method. The company had the following account balances on...

Answered: 1 week ago

Question

★★★★★

3. Comparing the numbers obtained in steps 1 and 2

Answered: 1 week ago

Question

★★★★★

Do you prefer to schedule your classes in the morning? Yes No

Answered: 1 week ago

Question

★★★★★

Suppose the School Company has this book value balance sheet: The current liabilities consist entirely of notes payable to banks, and the interest rate on this debt is 10 percent, the same as the...

Answered: 1 week ago

Question

★★★★★

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of...

Answered: 1 week ago

Question

★★★★★

Stock in Eduardo Industries has a beta of 1.06. The market risk premium is 7.1 percent, and T-bills are currently yielding 4.1 percent. The most recent dividend was $3.00 per share, and dividends are...

Answered: 1 week ago

Question

★★★★★

Part of Glo's strategic plan is to capture market segments that are traditionally underserved. Glo's management believes that the market for men's care products is underserved and would be an...

Answered: 1 week ago

Question

★★★★★

Michael is providing care to Anthea a Greek woman who has always attended a religious group. Anthea has been making large donations to the group. This group has strong right to life views and is...

Answered: 1 week ago

Question

★★★★★

A company uses Dynamics 365 Supply Chain Management for its warehouse operations. The company must put tolerances on over- and under-receiving of purchase order lines. The Landed cost module is not...

Answered: 1 week ago

Question

★★★★★

28. Yakuza Company issued 2,500 share of P25 par value preference shares with detachable warrants. The security package sells for P105. Each warrant enables the holder to purchase two shares of P10...

Answered: 1 week ago

Question

★★★★★

Good Vibes Manufacturing is a firm with an annual net income of $20 million, revenue of $60 million and cost of goods sold of $25 million. If the balance sheet amounts show $2.5 million of inventory...

Answered: 1 week ago

Question

★★★★★

The Seattle Corporation has been presented with an investment opportunity which will yield end of year cash flows of $30,000 per year in Years 1 through 9. This investment will cost the firm $150,000...

Answered: 1 week ago

Question

★★★★★

Extend Algorithms 3.4 and 3.5 to include as output the first and second derivatives of the spline at the nodes.

Answered: 1 week ago

Question

★★★★★

Nellie sells boots from her market stall and also carries out a boot repair service. This activity has never made much of a profit, but some of Nellie's long-standing customers continue to expect the...

Answered: 1 week ago

Question

★★★★★

Lulu's sales in 20X3 are 115 399. The following year, 20X4, sales increase by 4.3%. In 20X5 sales are 7.8% higher than they were in 20X3. Gross profit margin in each of the three years is; 20X3;...

Answered: 1 week ago

Question

★★★★★

The summarised results of Louise's business for the three years to the end of 20X8 are as follows: 20X8 20X7 20X6 Sales 291318 282 400 269 340 Cost of sales (213916) (206420) (196071) Gross profit...

Answered: 1 week ago

Previous Question Next Question