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Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In first quarter of 2011, Wakefield Home rendered services of $300,000 to patients. Of this amount 75 percent will be paid by patients, and $25,000 may be adjusted based on estimated insurance agreements. The remaining amount is to be paid by third party insurance providers. A). Record journal entries that reflect all of the above information.
B). A local business donated medical supplies to Wakefield with a value of $40,000. Prepare journal entry for receipt of these supplies.
C). The Home incurred the subsequent liabilities: $110,000 salaries, $30,000 medical equipment, $10,000 utilities expense. Organize the journal entries for these transactions.
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The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
Illustrate at what amount the land should be recorded at January 1, 2013, and the interest expense to be reported in 2013 related to this transaction.
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Accounting is often referred as the language of business so to be successful in your career you must understand how the accounting information system works. You must be able to analyze financial transactions, understand how they will impact the or..
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If static budget variance is unfavorable and the flexible budget variance is unfavorable, will we draw a conclusion about the sales volume variance?
Compute the gross profit margin,operating profit margin, and net profit margin for all companies. Then write a short essay explaining the differences you found between the profit margins calculated and why you think the profit margins differ.
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