Question
I only need the answer for question 3. Thank you! 2. Doctor Silvertons practice is located in a community with a relatively high percentage of
I only need the answer for question 3. Thank you!
2. Doctor Silvertons practice is located in a community with a relatively high percentage of low-income households. At the end of the fiscal year, the accounts receivable for the practice totals $60,000. Half of that amount is from insurance claims not yet paid and are assumed to be fully collectible. The other half is made up of receivables from private pay patients. Doctor Silverton treats a number of families knowing that they are unable to pay the full amount charged and has estimated that the uncollectible portion of receivables from private pay patients is 20%. What is the reserve for uncollectible accounts receivable?
Answer for question 2. The allowance for uncollectible accounts received would be $6,000.
3.The hospital in question 2 entered into a $200,000 equipment loan. Two years of payments have now been made. The hospitals balance sheet will now show how much liability in current portionlong term debt and in long-term debtnet of current portion?
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