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HSA535/HSA 535 WEEK 5 ASSIGNMENT

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hsa 525 weeek 5 372 EXAMPLES AND EXERCISES, SUPPLEMENTAL MATERIALS, AND SOLUTIONS CHAPTER 10 Practice Exercise 10-1: Components of Balance Sheet and Statement of Net Income Financial statements for Doctors Smith and Brown are provided below. Use the doctors’ balance sheet, statement of revenue and expenses, and statement of capital for this assignment. Required Identify the following doctors’ balance sheet and statement of net income components. List the name of each component and its amount(s) from the appropriate financial statement. Current Liabilities Total Assets Income from Operations Accumulated Depreciation Total Operating Revenue Current Portion of Long-Term Debt Interest Income Inventories ~signment Exercise 10-1: Components of Balance Sheet and Statement of Net Income Refer to the Metropolis Health System (MHS) supplemental information at the back ofthe Examples and Exercises section. Use the MHS comparative balance sheet, statement of revenue and expenses, and statement of fund balance for this assignment. Required Identify the following MHS balance sheet components. List the name of each component and its amount(s) from the appropriate MHS financial statement. Current Liabilities Total Assets Income from Operations Accumulated Depreciation Total Operating Revenue Current Portion of Long-Term Debt Interest Income Inventories Chapter10 375 The MIlS Balance Sheet Example lOA:Components of Balance Sheet and Income Statement The “Accounts Receivable (net)” in Exhibit 10-1 means the accounts receivable figure of $250,000 on the balance sheet is net of the allowance for bad debts. If the allowance for bad debts is raised on the balance sheet, then bad debt expense (a.k.a provision for doubtful accounts) on the income statement (a.k.a. statement of revenue and expense) also rises. Think of these two accounts as a pair. Practice Exercise 10-11: Components of Balance Sheet and Income Statement Refer to Doctors Smith and Brown’s balance sheet, where patient accounts receivable is stated at $40,000. Do you think this figure is net of an allowance for bad debts? *Assignment Exercise 10-2: Components of Balance Sheet and Income Statement Refer to the Metropolis Health System (MHS) balance sheet and statement of revenue and expense in Chapter 25’s MHS Case Study. Patient accounts receivable of $7,400,000 is shown as net of $1,300,000 allowance for bad debts (8,700,000 – 1,300,000 = 7,400,000). (a) What percent of gross accounts receivable is the allowance for bad debts? (b) If the allowance for bad debts is raised to $1,500,000, where does the extra $200,000 go? Example lOB: Components of Balance Sheet and Income Statement Refer to Exhibit 10-1 and Exhibit 10-2’s Westside Clinic statements. The “Property, Plant, and Equipment (net)” total in Exhibit 10-1means the property, plant, and equipment figure of $360,000 on the balance sheet is net of the reserve for depreciation. If the reserve for depreciation is raised on the balance sheet, then the depreciation expense on the income statement (a.k.a, statement of revenue and expense) also rises. Think of these two accounts as another pair. Practice Exercise 10-ID: Components of Balance Sheet and Income Statement Refer to Doctors Smith and Brown’s balance sheet, where buildings and equipment are both stated as net (the $820,000 figure), but land is not. Do you recall why this is so? -Â¥Assignment Exercise 10-3: Components of Balance Sheet and Income Statement Refer to the Metropolis Health System (MHS) balance sheet and statement of revenue and expense in Chapter 25’s MHS Case Study. Property, plant, and equipment of$19,300,000 is shown as “net,” meaning net of the reserve for depreciation. If the $19,300,000 is reduced by $200,000 (meaning the reserve for depreciation has risen), what happens on the income statement? 376 EXAMPLES AND EXERf:ISES, SUPPLEMENTAL MATERIALS, AND SOLUTIONS CHAPTER 11 Example llA To bett

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