Which of the following statements is correct about “charity care” provided by nonprofit hospitals? (“The hospital...
- Which of the following statements is correct about “charity
care” provided by nonprofit hospitals? (“The hospital does not
expect payment for this care)
- Hospitals record both a revenue and a bad debt expense for charity care, at the typical amounts it would have charged for these services
- Hospitals record both a revenue and a program service expense for charity care, at the typical amounts it would have charged for these services
- No revenue and no bad debt expense is recorded for charity care, but there is disclosure of the financial effects of the cost of providing charity care
- No revenue and no bad debt expense is recorded for charity care. There is no disclosure of the financial effects of the cost of providing charity care
Homework Answers
B). Hospital record both a revenue and a program service expense for charity care, at the typical amount it would have charged for these service.
Add Answer to:
Which of the following statements is correct about “charity
care” provided by nonprofit hospitals? (“The hospital...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
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During 2017, the following selected events and transactions were recorded by Milos County Hospital. 1. Gross...
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were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
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Contractual adjustments
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262,200
4.
A federal cost...
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Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
P2-3. Use Community Health Systems operates general acute care hospitals in communities company reports the following information in Schedule II of its 2015 10-K Additional Information from 10-K to Explain Linkages Among Financial Statemen LO1, 2, 5, 6 Community Heal Systems (CYH) across the United SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS Balance at Acquisitions Beginning and Bad Debt Write- at End of Year Dispositions Expense Offs of Year $ millions December 31, 2015, allowance for doubtful accounts December 31, 2014, allowance...
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5.4. General Hospital, a not-for-profit acute care facility, has the following cost structure for its inpatient services Fixed Costs Variable costs per inpatient day Charge (revenue) per inpatient day $10,000,000 200 1,000 The hospital expects to have a patient load of 15,000 inpatient days next year. a. Construct the hospitals base case projected P&L statement b. What is the hospitals breakeven point? c. What volume is required to provide a profit of $1,000,000? A profit of $500,000? d....
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