Reference no: EM131045443
This is an accounting assignment.
Question 1:
Garry Hospital provides $1,600 of routine services and $1,400 of ancillary services to a patient under a third-party contract that provides for 85 percent reimbursement to the hospital. The remaining 15 percent is not billable to the patient.
Required: Make general journal entries to record (1) the services rendered to the patient and (2) the collection of the patient's account.
Question 3: Goodcare Hospital has $100,000 of accounts receivable at December 31, 20X1. It is estimated that 7 percent of these accounts will be uncollectible by reason of charity care, 10 percent will not be collectible because of contractual adjustments, and 4 percent will prove to be bad debts.
Required: (1) Make the necessary adjusting entries at December 31, 20X1, and (2) indicate how the receivables should be reported in the hospital's balance sheet for December 31, 20X1.
Question 4: Gracious Hospital purchased the following plant assets on January 1, 20X1:
|
|
Cost |
Salvage Value
|
Estimated
Useful Life (Years)
|
|
Land
|
$100,000 |
|
|
|
Buildings
|
8,000,000 |
$1,600,000 |
40 |
|
Equipment
|
4,500,000 |
500,000 |
20 |
Required: (1) Assuming straight-line depreciation, what is the depreciation expense for 20X4? (2) At what amount, net of accumulated depreciation, would these assets be presented in the balance sheet of the hospital at December 31, 20X6?
Question 5: Golly Hospital purchased equipment with the following costs:
| Purchase Date |
Cost |
Estimated Useful life (years) |
| 1/1/X1 |
$100,000 |
8 |
| 4/1/X1 |
200,000 |
10 |
| 7/1/X1 |
300,000 |
6 |
Required: All equipment has a 20 percent salvage value. What is depreciation expense for 20X1?
Can you help me answering all the four questions?
The answers should be in the excel template file that I attcahed.
Attachment:- template.xlsx
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