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Fargo Memorial Hospital has annual net patients service revenues of $14,400,000. It has two major third-payers, plus some of its patients are self-payer. The hospitals patients accounts manager estimates that 10% percent of the hospsitals paying patients its self payers pay on Day 30, 60 percent pay on Day 60 Payer A and 30% pay on Day 90 (payer B). Five perfect of total billing end up as the bad debt losses but that is not relevant for this problem
a). What is Fargo's average collection period?
b). What is the firm current receivables balance?
c). What would be the firm's new receivables balance if a newly proposed electronic claims system resulted in collecting from third party payers in 45 and 75 days instead of in 60 and 90 days?
d). Suppose the firm's annual cost of carrying receivables was 10%. If the electronic claims system costs $ 30,000 a year to lease and operate, should it be adopted? (Assume that the entire receivables balance has to be financed.
Calculate an overall gross profit margin for LA Theatres Inc. for all three years. Analyze the changes in gross profit margin for all three years.
What information do the government-wide financial statements present and What information do the fund financial statements present?
Which of the following is true of a Premium on Bonds Payable account?
Compute the variable overhead rate variance, compute the variable overhead efficiency variance and provide the accounting entry for the overhead rate and efficiency variances.
If the amount of a newly issued 13%, 5-year, $100,000 bond on premium is $11,581.00. What is the semiannual straight-line amortization on premium?
Carr Company produces a single product. Last year, Carr manufactured 33,930 units and sold 28,300 units. Production costs for the year were as follows: Under variable costing, the company's net operating income for the year would be:
net cash used-$438,000 of net cash provided-$264,000 of net cash used.
The Hernandez Company budgeted for an output of 50,000 units. Budgeted amounts were as follows: direct material, $100,000; direct labor, $50,000; variable factory overhead, $75,000; and fixed factory overhead, $100,000. Assuming a flexible budget,
Calculation of Overhead Variances - Budget for actual hours of inputand find the Overhead Variances
If the predetermined overhead rate was $6 per machine hour, overhead was underapplied by $40,000, and actual machine hours were 70,000; illustrate what was the actual overhead cost?
On October 1, 2014, Gator Inc assigns $1,600,000 of its accounts receivable to American Bank as collateral for a $1,200,000 loan. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%.
On January 1, Snipes Construction paid for earth-moving equipment by issuing a $300,000, 3-year note that specified 2% interest to be paid on December 31 of each year. At what amount should Snipes record the equipment and the note? What journal entry..
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