Re: How does slower payments change a Balance Sheet? ‚ Good post. The accounts that will be impacted on the Balance Sheet (which was the nature of my question) are as follows. If payers have longer to pay THEN the patient accounts receivable account will no doubt increase because the hospital is receiving payments on these accounts more slowly. This slower payment might also decrease cash accounts of the organization. Additionally‚ if the slower receipt of payments impacts the organization’s ability
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integrity on page 2 of this exam. Question Marks 1 Cash Flow Statement /12 2 Statement of Financial Position /20 3 Statement of Changes in Equity /14 4 Revenue Recognition /14 5 Accounts Receivables /12 5 Notes Receivables /8 TOTAL /80 1 Statement of Academic Integrity The Telfer School of Management does not condone academic fraud‚ an act by a student that may result in a false academic evaluation of that student or of another
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com/eNewsletters/Compass/Spring10/Managing%20the%20Self%20Pay%20Cycle%20HFM%20March%202010.pdf. Hummel‚ J. (2004). Financial Finesse [electronic version]. Health Management Technology‚ 25(2)‚ 52-55 Koeing‚ S. (2010‚ March 29). Five Strategies for Strategic Debt Recovery of Self-Pay Patient Accounts MacKenzie‚ S. (2009‚ November 6). Upfront collections: A hospital’s lifeline [electronic Version] Souza‚ M. & McCarty‚ B. (2007). From bottom to top: How one provider retooled its collections [electronic version] 28‚ 2010‚ from ProQuest Database
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E6-5 (Computation of Present Value) Using the appropriate interest table‚ compute the present values of the periodic amounts‚ shown on page 344‚ due at the end of the designated periods. (a) $50‚000 receivable at the end of each period for 8 periods compounded at 12%. 50‚000* 4.9676= $248‚380 (b) $50‚000 payments to be made at the end of each period for 16 periods at 9%. 50‚000* 8.3126= $415‚630 (c) $50‚000 payable at the end of the seventh‚ eighth‚ ninth‚ and tenth periods at 12%. 50‚000*
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__________________________ Date: _____________ 1. The maturity date of a note receivable: A) Is the day of the credit sale. B) Is the day the note was signed. C) Is the day the note is due to be paid. D) Is the date of the first payment. E) Is the last day of the month. 2. The amount of bad debt expense can be estimated by: A) The percent of sales method. B) The percent of accounts receivable method. C) The aging of accounts receivable method. D) Only b and c. E) Bad debt expense can be estimated by any of
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bad debts are: (1) Uncollectible accounts receivable are estimated and matched against revenues in the same accounting period in which the revenues occurred. (2) Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts through an adjusting entry at the end of each period. (3) Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time the specific account is written off as uncollectible.
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………………6 Facts Willie Lowman is the internal auditor for Dead Salesman Printing who is currently in the process of auditing the company’s account receivables. He finds that the company is constantly crediting and debiting accounts receivable. The accounts receivable clerk who is a CPA has been entering debits and credits on the A/R account on a regular basis‚ and at this stage they don’t know how many credits are valid or to what extent they are valid. Willie has also found that the A/R
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Audit plan – Accounts Receivable and Notes Receivable Audit Procedures Audit Objectives W/P Ref. Initials Comments Accounts Receivable 1. Obtain an aged trial balance of individual customer accounts. Recalculate the total and trace to the general ledger control account. 2. Review the aging for large and unusual items. 3. Send confirmations to all accounts over $X. Select a random sample of all remaining accounts for confirmation. a.i.1.a.i.1.a. Investigate exceptions reported by
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A receivable represents a company’s claim on the assets of another receivable. Account Receivable: is an amount owed by a customer‚ who has purchased the company’s product or service. Receivables are recorded at the time of the sale. Net Realizable Value: the amount of cash that a company expects to collect from its total or gross accounts receivable balance. It is calculated by subtracting from gross receivables the amount that a company does not expect to collect. ALLOWANCE: the amount
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are required disclosures. Answer: E 4. Current liabilities are defined as A) obligations which are incurred during the past year. B) debts at the balance sheet date which must be paid within two years. C) accounts payable and bonds payable. D) debts at the balance sheet date which are expected to be paid with the current assets listed on the same balance sheet. E) obligations (debts) related only to normal operations. Answer: D
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