Questions from Advanced Accounting

Q: Mercy for America, a private not-for-profit health

Mercy for America, a private not-for-profit health care facility located in Durham, North Carolina, charged a patient $8,600 for services. It actually billed this amount to the patient’s third-party p...

Q: What is a contractual adjustment? a. An increase in

What is a contractual adjustment? a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity. b. A year-end journal entry to recognize all of a h...

Q: A private not-for-profit health care entity provides its

A private not-for-profit health care entity provides its patients with services that would normally be charged at $1 million. However, it estimates a $200,000 reduction because of contractual adjustme...

Q: A local citizen gives a not-for-profit entity a

A local citizen gives a not-for-profit entity a cash donation that is restricted for research activities. The money should be recorded in a. Unrestricted Net Assets. b. Temporarily Restricted Net Asse...

Q: Redfield Company reports current earnings of $420,000 while declaring

Redfield Company reports current earnings of $420,000 while declaring $52,000 in cash dividends. Snedeker Company earns $147,000 in net income and declares $13,000 in dividends. Redfield has held a 70...

Q: If an asset of an estate has no readily ascertainable fair value

If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued on the charge/discharge statement?

Q: In what ways does the IASB differ from the IASC?

In what ways does the IASB differ from the IASC?

Q: How does an executor discover the claims against an estate?

How does an executor discover the claims against an estate?

Q: What claims against an estate have priority?

What claims against an estate have priority?

Q: What is a cram down? a. An agreement about

What is a cram down? a. An agreement about the total amount of money to be reserved to pay creditors who have priority. b. The bankruptcy court’s confirmation of a reorganization even though a class o...