Total claims denied: $10,000 Total claims submitted: $100,000 Time period: 3 months
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- Total claims denied: $10,000
- Total claims submitted: $100,000
- Time period: 3 months
The clinic is Question 1 does not have healthy
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- Calculation of Revenue from Cash Collection Anderson Lawn Service provides mowing, weed control, and pest management services for a flat fee of $300 per lawn per month. During November, Anderson collected $9,900 in cash from customers, which included $1,200 for lawn care provided in October. At the end of November, Anderson had not collected from 6 customers who had promised to pay in December when they returned from vacation. Required: Calculate the amount of Andersons revenue for November.A hospital purchases $50,000 of supplies on credit. The vendor expects payment within 30 days. The general ledger will reflect a decrease in cash (an asset) of $50,000 because supplies were purchased and will show an increase in supply expense (a net asset) of $50,000. True FalseThe following needs to entered in the copied spreadshet. 2. The following transactions occurred during the year. Record these transactions.HHL took out a long-term loan for $3 million.HHL purchased $1 million in inventory with cash.HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value.$540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt.$875,000 of inventory was used.Donations of $400,000 were received in cash.HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year.HHL pays $12,560,000 in accounts payable.HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash.The equipment purchased in transaction c was paid for in…
- On April 20, Legault Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. On April 28, Tazwell pays for half of the services provided and on May 19 it pays for the other half. What is the total amount of cash Legault received? a.$3,000 b.$2,970 c.$2,985 d.$2,700Bagwis Company has the following information: Prepaid insurance – January 1 1,600,000 Prepaid insurance – December 800,000 Insurance payable decrease by 1,200,000 Insurance payments 4,000,000 How much is the insurance expense under accrual basis? Group of answer choices 3,600,000 4,800,000 3,400,000 4,000,0006. Patient Company sells subscriptions to a specialized directory that is published semiannually and shipped to subscribers on April 15 and October 15. Subscriptions received after the March 31 and September 30 cut-off dates are held for the next publication. Cash from subscribers is received evenly during the year and is credited to deferred revenues from subscriptions. Data relating to 2023 are as follows: Deferred revenue from subscriptions, 12/31/2022 P1, 500, 000 Cash receipts from subscribers 7, 200, 000 In its December 31, 2023 balance sheet, how much should patients report as deferred revenues from subscriptions?
- Which one of the following transactions can immediately decrease the Profit Margin? A Provide services and receive $5,000 cash. B Borrow $60,000 bank loan due in 3 years' time. C Adjust the expired prepaid insurance of $900. D Receive $3,000 cash contributed by the owner. E Pay $2,300 annual insurance premium.05/01/2020 Paid $3,000 cash for 5 months' insurance. No expense has been recorded yet. 05/03/2020 Billed $2,200 to client for services provided. 05/10/2020 Purcahsed a truck for $15,000; $1,000 paid with cash and the rest on account. 05/15/2020 Purchased supplies for $500 cash. 05/21/2020 Customer paid $400 cash for future services. Each lawn mowing service costs $80. General Journal Date Enter both Account Titles and Explanation Debit Creditcreate a trial balance WITH t accounts all balances are normal. cash $45,000 accts recievable $6,000 inventory $15,000 prepaid expenses $5,000 accts payable $12,000 unearned revenue $10,000 expenses payable $10,000 long term debt $14,000 common stock $25,000 the following trabsactions have occured in a company 1. company pays $1,750 in insurance for the next 3 months 2. company pays invoiced billed last month of $7,250 3. company takes delivery of $1,750 in inventory to be paid next month 4. company pays $5,250 in rent for this month 5. customer pays deposit on an order to be filled next month of $4,750
- 10 Bagwis Company has the following information: Prepaid insurance – January 1 1,600,000 Prepaid insurance – December 800,000 Insurance payable decrease by 1,200,000 Insurance payments 4,000,000 How much is the insurance expense under accrual basis?Answers are given. Only need solution for the answers. 16. Listed below are selected transactions of Lychee’s Department Store for the current year endingDecember 31.1. On December 5, the store received P4,500 from the Fruit Players as a deposit to be returnedafter certain furniture to be used in stage production was returned on January 15 the followingyear.2. During December, cash sales totaled P798,000, which includes the 12% VAT that must beremitted to the BIR by the 5th day of the following month.3. The store determined it will cost P100,000 to restore the area surrounding one of its buildingwhen the store is closed in 4 years. The present value of restoration is P64,000.4. As a result of uninsured accidents during the year, personal injury suits for P350,000 andP60,000 have been filed against the company. It is the judgment of Lychee’s legal counsel thatan unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdictapproximating P250,000 (reliably estimated)…Transaction: Patterson Company paid $1,700 cash for a one-year insurance policy in advance. Which two accounts are affected? What kind of accounts are they? Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit Debit Credit
