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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?
Carl, an employee of a Miami CPA firm, was sent to work in Tampa for eight months on March 1, year 1, on a financial audit. His monthly transportation expenses were $400, his monthly lodging was $1,200, and his meals were $800 per month.
Polaris Ltd is a public company which is listed on the Australian Securities Exchange and has numerous small shareholders. Polaris Ltd owns 35% of the issued ordinary shares of Beta Ltd. The remaining shares of Beta Ltd are widely distributed among n..
Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale. Prepare the required journal entries for Res..
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization?
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
glitzy company produces several products in its factory including a wedding gown. the company uses a standard costing
Discuss which approach to substantive testing you believe to be the most effective and indicate why. Create a way other than using confirmations for an auditing team to substantiate account balances and how the firm should go about implementing th..
Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions
EBV is considering a $5M Series A investment in Newco. EBV proposes to structure the investment as 6M shares of convertible preferred stock.
What type of fraudulent activity could this have been and what type of testing could have been included in the audit to discover it? What can auditors do to verify inventory levels and that no fraudulent activity is occurring between annual inven..
what amount should be recognized as property tax revenues related to the 2007 levy on the government-wide financial statements?
Write a 1750- to 2,050-word paper in APA format with citations and references that provides a financial comparison of the two companies and your recommendations to improve the financial status of each.
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