Uncollectible Accounts Lesley-Ann Herard ACC 281 John Istvan November 17‚ 2014 Uncollectible Accounts Charity care in a health care environment gives patients reduced or even free services to those who have low incomes. The idea of charity care was associated to the way hospitals helped low- income families. The write-offs and potential costs that are provided to the patients are determined before anything is done. It is up to the discretion of the hospital if any or all the cost is
Premium Accounts receivable Debt Hospital
Uncollectible Accounts Acc281: Accounting Concepts for Health Care Professionals Charity Care and Bad Debit Hospitals usually count bad debit in the non-compensation costs but there is a question of whether or not it should be included. There is some gray area when it comes to the difference between bad debit and charity when it comes to the Health care environment. Bad debit that won are bills that people don ’t pay for whatever reason and there is a difference between those who won ’t pay
Premium Health care Money Revenue
millions) Allowance for uncollectible accounts (XA‚ +A) 1 ............. Accounts receivable (A)............................................ Req. 2 Cash collections for 2008 2 were $5‚711 million. Allowance for Uncollectible Accounts 20 Beg. 5 Bad debt Write-offs ? expense 13 End. 12 12 Accounts Receivable Beg. 558 Sales 5‚710 ? Collections ? Write-offs End. 545 - = Net Realizable Value 538 532 1 Beg. allowance $20 + Bad debt expense $5 – Write-offs ? = End. Allowance $13 Write-offs
Premium Generally Accepted Accounting Principles Revenue
E8-8 Requirement: Compute the amount of allowance for uncollectible accounts to be reported in the balance sheet of V company: Estimated Uncollected Accounts Details Total Amount ($) Percentage Considered Uncollectible (%) Allowance for Doubtful Debts Accounts ($) A B C D 0 – 30 Days Past Due 60‚000 5% 3‚000 31 – 60 Days Past Due 4‚000 10% 400 Over 60 Days Past 2‚000 70% 1‚400 Total 66‚000 4‚800 Therefore‚ the amount of allowance for uncollectible accounts to be reported in the balance sheet of
Premium Generally Accepted Accounting Principles Balance sheet Revenue
enough to have accrued cash value‚ yes‚ you can cash it in. But‚ it might be wiser to borrow against it instead or look into other options. Cashing it in means you are cancelling the policy. If this is your only life insurance policy‚ it means you no longer have life insurance coverage. Whole Life and Cash Value Although there are different kinds of whole life‚ they all accrue a cash value. This makes them different from term insurance. The cash value of whole life is cash you can potentially access
Premium Life insurance Term life insurance Insurance
different families have different rules and standards about children receiving allowance. Some families don’t let their children have allowance at all. Other families give children a set amount of money no matter what. However‚ neither of these methods is as effective to a child’s character growth as the third method; only giving children allowance when they have earned it. Parents should only give their children an allowance when they earn it because this teaches about responsibility‚ the real world‚ and
Premium Responsibility Proactive Teacher
Ottosson & Fredrik Weissenrieder‚ 1996-03-01 CVA Cash Value Added - a new method for measuring financial performance Erik Ottosson Strategic Controller Svenska Cellulosa Aktiebolaget SCA Box 7827 S-103 97 Stockholm Sweden Fredrik Weissenrieder Department of Economics Gothenburg University and Consultant within Value Based Management FWC AB Aschebergsgatan 22 S-411 27 Göteborg Sweden Study No 1996:1 CVA Cash Value Added – A new method for measuring financial performance Erik Ottosson Fredrik
Premium Net present value
WHY PROFIT DOES NOT EQUAL CASH Why is profit not equal to cash coming in? Some differences such as loans received which do not impact the profit and loss statement are pretty obvious. Others may not be as obvious but you can break them down into three main areas: - Revenue is booked at sale. In many cases a sale is recorded for accounting purposes in the profit and loss statement when a company delivers a product or service. In many cases‚ no cash has been exchanged at the time of
Premium Depreciation Generally Accepted Accounting Principles Cash flow
of control over their own care and to be included in the provision of care. With this information we use it to inspire‚ inform‚ lead the staff team to provided the quality care to meet the individual’s needs. As manager I need to leave my own values and beliefs regarding diversity‚ equality to encourage non-judgemental‚ anti-discriminatory practices‚ whilst using the policy‚ procedures and current legislation and guidelines to inform practices. We use the audits‚ policies and procedures (informed
Premium Management Evaluation Discrimination
balance sheet as well as to interpret reasons why the cash position for the business does not equal to the profit for the period. By showing the spreadsheet‚ two financial statements and looking into theories of matching principle‚ prepayments and accruals‚ provisions(bad debts and depreciation)‚ it is not hard to distinguish the cash flow from the profit. Content It is vital to understand the cash position and the profit do not necessarily go together when running business. Profitable businesses
Premium Balance sheet Generally Accepted Accounting Principles Depreciation