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Suppose that a nursing home has two categories of payers. Medicaid pays $60 per day, and private-pay patients pay the established per diem. However, approximately 10 percent of private-pay charges are not collected. Variable costs are $45 per day, and fixed costs are expected to be $1 million. Expected volume is 50,000 patient days. If 50 percent of the patients are Medicaid, and 50 percent are private pay, what rate must be set to generate $150,000 in profit?
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
Poster mistakenly accounted for the investment in Elliott using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
Chev Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $1.28 million for 2008. The company is not a small corporation. If the regular corporate tax is $209,000, Chev's alternative minimum ta..
Merchandise subject to terms 1/10 n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation cost pf $1000 and issued a credit memorandum for $5,000 prior to payment. What is the amount of the cash disco..
for a recent year mcdonalds company-owned restaurants had the following sales sales and expenses in millionssales
You have to read the report, understanding its purpose and then discuss why individual has different way of choosing different method of accounting.
1. If the parent's net income reflected use of the equity method, what were the consolidated retained earnings on December 31, 2010?
stewart company sold 180 units 320 each on october 31 2012. cash selling and administrative expenses were 15000. the
Write a summary of asset treatment in a business. Examine the aspects of acquisition, depreciation, revising periodic depreciation, expenditures during useful life, and the three different means of disposal.
Discuss the challenges related to comparing financial statement prepared in different accounting methods. For example, US GAAP and IFRS.
Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Round your answers to two decimal places.
When doing a horizontal analysis on a business income statement, you notice that sales have decreased by 9%, but the gross profit has increased by 13%. What are some factors that could cause this to happen?
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