Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

Western Michigan Management Accounting in Healthcare Organizations Project

Western Michigan Management Accounting in Healthcare Organizations Project

Question Description

I’m working on a accounting question and need an explanation to help me learn.

You may use EXCEL, your phone or a calculator to assist with the math.

You may access any of your notes and the text book.

Please put your name on each page as it will print. (I will print your quiz to grade it, so treat it like you were giving it to your boss.)

Show your work neatly and legibly.

Be careful when you round your answers, 0.5 and greater rounds to the next higher #.

Show your answers, to 3 decimal places.

Example: 0.345 or 34.5%

undefined

Name ______________________

(1)

Please calculate the following ratios using the attached financial statements. Use my formulas even if they are slightly different from the textbook’s.

Show the numbers that you use.

Label each with the name from the list following ratio (G).

(A)

Total Margin

Total assets

(B)

Accumulated Depreciation / Depreciation Expense

(C)

Long-term debt / (Net assets+ Long-term debt)

Name ______________________

(D)

Cash + Marketable Securities + Long-term Investments

(Operating Expenses – Depreciation) / 365

(E)

Total margin / (Operating revenue + net non-operating income)

(F)

Net Patient Accounts Receivable

(Net Patient Services Revenue / 365)

(G)

Operating income / Operating revenues

Name ______________________

Formula names

EBITDA coverage ratio Days cash on hand Return on assets

Average age of plant Total margin Debt to capitalization

Days revenue outstanding in accounts receivable Current ratio

Total asset turnover Times interest earned Return on equity

Operating margin

(2)

Using the general ledger and ONLY THE ACCOUNTS provided as an attachment, 1) recordthe following transactions, 2) complete and show the trial balance, 3) closing entry and 4) post-closing trial balance, 5) prepare a balance sheet and a 6) statement of operationswith 7) proper headings for the Tricia Jenden Billes Clinic.

Please build your own EXCEL spreadsheets for the general ledger and financial statements.

The beginning balances are as follows: Cash $65,000, Accounts Receivable $40,000, Equipment -0-, Accumulated depreciation -0-, Accounts payable $30,000, Payroll payable $12,000, Net Assets $63,000, Patient revenue -0-, Salaries & Wages -0-, Supply expense -0- and Depreciation -0-.

Transactions and financial statements (accrual basis) for the month ending July 31, 2021.

1)They purchase equipment for $60,000 with $15,000 paid at the date of order with the balance to be paid off over the next 11 months, with no interest charged (accounts payable not notes payable). The equipment is expected to be used for 60 months with no salvage value at the end.

2)Medical & office supplies are ordered and delivered from a vendor in the amount of $5,000. No payment was made at the time the order was delivered. The first payment will be due in August 2021. Supplies will be expensed when received.

3)During the month the practice incurred an obligation to pay employees $25,000 in the following month.

4)They paid various vendors $55,000 for supplies, utilities and services provided and accrued in this month and prior months.

5)The clinic paid its employees $17,000 for hours that they worked in prior periods.

6)Services, which will net $50,000, were provided during the month. $20,000 was collected during the month and the balance is expected next month.

7)Depreciation on the equipment purchased this month is expensed during the month.

8)The clinic collected $35,000 from patients and their insurers for services provided in prior periods.

undefined

Name _______________________

(3) Fill in the blanks

Revenue

Variable Cost

Fixed Cost

Total Cost

Profit

A

_______

_ __

70

170

(35)

B

_ __

1500

___________

2200

300

C

4200

700

3200

_______

________

(4)

Your clinic’s revenue and cost structure is as follows:

You expect 3,000 clinic visits next year.

Variable cost/visit $ 64

Fixed costs $ 47,000

Collections/visit $ 78

A)Construct a projected P&L, statement using the above assumptions. (Use the format in Gapenski.) Page 179

B)What volume is required to breakeven?

C)What is the contribution margin per visit and in total at 3,000 visits?

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Executive Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Executive Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Executive Papers is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Executive Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.