Are for a Not-for-profit Hospital. This is 1 of 4. 1) Gross Charges to patients

Question

Are for a Not-for-profit Hospital. This is 1 of 4.

1) Gross Charges to patients at standard established rates were $4,400,000.

This is 2 of 4.

2) $85,000 of receivables were written off against the prior year allowance balance for uncollectable accounts.

3) The hospital wrote off $265,000 of receivables established in 2014-2015 (entry#5) associated with Medicare, Medicaid, and privately insured patients due to contractual adjustments.

4) The hospital determined that $125,000 of the services it provided were to patients who met the hospital criteria for charity services.

Explanation / Answer

Gross Charges = $4,400,000

Less=contractual adjustments= $265,000

Less= services provided =  $125,000

Income = $10000

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