Homework Answers
a.Income Statement
| Particulars | $(Amount) |
| A. Gross Patient service revenue | 975000 |
| B. Total expenses | |
| Contractual discounts and allowances | 250000 |
| Charges for charity care | 100000 |
| Provision for bad debts | 50000 |
| TOTAL(B) | 400000 |
| C Net Income before tax (A-B) | 575000 |
| Less: Tax @40%(D) | 230000 |
| Net Income after tax[C-D] | 345000 |
b.
| If Contractual discounts and allowances amounts to 300000, | |
| Income statement | |
| A. Gross Patient service revenue | 975000 |
| B. Total expenses | |
| Contractual discounts and allowances | 300000 |
| Charges for charity care | 100000 |
| Provision for bad debts | 50000 |
| TOTAL(B) | 450000 |
| C Net Income before tax (A-B) | 525000 |
| Less: Tax @40%(D) | 210000 |
| Net Income after tax[C-D] | 315000 |
1. Net patient Service revenue= $525000 .Overstated by ($575000-$525000) $50000.
2. Total expenses= B+D
=$660000
Total expenses understated by $50000.
3. Net Income =$315000
Net Income Overstated by ($345000-$315000) $30000.
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