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Gapenski's Healthcare Finance An Introduction To Accounting And Financial Management 7th Edition Kristin L. Reiter, Paula H. Song - Solutions
Is income from securities investments included in the operating revenue section? If not, why not?
What is an expense?
Briefly, what are some of the commonly reported expense categories?
What is the logic behind depreciation expense?
What is operating income?
Why is operating income such an important measure of profitability?
What is nonoperating income?
Why is nonoperating income reported separately from revenues? Is this always the case?
Why is net income called the “bottom line”?
What is the difference between net income and operating income?
What happens to net income?
What is the difference between net income and cash flow?
How can income statement data be used to estimate cash flow?
What is depreciation cash flow, and what is its expected use?
Why do not-for-profit businesses need to make a profit?
Are there appreciable differences in the income statements of notfor-profit businesses and investor-owned businesses?
What are the impacts of taxes and depreciation on net income and cash flow?
What is the depreciation shield?
What is the purpose of the statement of changes in equity (net assets)?
How does the statement differ between not-for-profit and forprofit entities?
Explain how ratio analysis can be used to help interpret income statement data.
What is the total profit margin, and what does it measure?
a. What is a stakeholder?b. Which stakeholders are most interested in the financial condition of a healthcare provider?c. What is the goal of financial accounting?
a. What are generally accepted accounting principles (GAAP)?b. What is the purpose of GAAP?c. What organizations are involved in establishing GAAP?
Briefly describe the following concepts as they apply to the preparation of financial statements:a. Relevanceb. Faithful representationc. Accounting entityd. Going concerne. Accounting periodf. Monetary unit g. Historical cost h. Revenue recognition i. Expense matching j. Full disclosure k.
Explain the difference between cash accounting and accrual accounting. Be sure to include a discussion of the revenue recognition and matching principles.
Briefly describe the format of the income statement.
a. What is the difference between gross revenues and net revenues? b. What is the difference between patient service revenue and other revenue?
a. What is meant by the term expense?b. What is depreciation expense, and what is its purpose?c. What are some other categories of expenses?
a. What is the difference between operating income and net income?b. Why is net income called the “bottom line”?c. What is the difference between net income and cash flow?d. Is financial condition more closely related to net income or to cash flow?
a. What is the purpose of the statement of changes in equity?b. What is its basic format?
Entries for the Warren Clinic’s 2020 income statement are listed below in alphabetical order. Reorder the data in the proper format. Depreciation expense General/administrative expenses Interest expense Investment income $ 90,000 70,000 20,000 40,000 Net income 30,000 Net operating income (loss)
Consider the following income statement:a. How does this income statement differ from the one presented in exhibit 3.1?Exhibit 3.1b. What is BestCare’s total profit margin? How can it beinterpreted? Revenue: BestCare HMO Statement of Operations Year Ended June 30, 2020 (in thousands) Healthcare
Consider this income statement:a. How does this income statement differ from the ones presented in exhibit 3.1 and problem 3.2?b. Why does Green Valley show an income tax expense, while the other two income statements do not?c. What is Green Valley’s total profit margin? How does this value
Great Forks Hospital reported net income for 2020 of $2.4 million on total revenues of $30 million. Depreciation expense totaled $1 million.a. What were total expenses for 2020?b. What were total cash expenses for 2020?c. What was the hospital’s 2020 cash flow?
Brandywine Homecare, a not-for-profit business, had revenues of$12 million in 2020. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $1.5 million. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in
Assume that Mainline Homecare, a for-profit corporation, had exactly the same situation as reported in problem
However, Mainline must pay taxes at a rate of 30 percent of pretax(operating) income. Assuming that the same revenues and expenses reported for financial accounting purposes would be reported for tax purposes, redo problem 3.5 for Mainline.Problem 3.5Brandywine Homecare, a not-for-profit business,
Consider Southeast Home Care, a for-profit business. In 2020, its net income was $1,500,000 and it distributed $500,000 to owners in the form of dividends. Its beginning-of-year equity balance was$12,000,000. Use this information to construct the business’s statement of changes in equity. What is
Bright Horizons Skilled Nursing Facility, an investor-owned company, constructed a new building to replace its outdated facility.The new building was completed on January 1, 2020, and Bright Horizons began recording depreciation immediately. The total cost of the new facility was $18,000,000,
What are the three major sections of the balance sheet?
What is the accounting identity, and what information does it provide?
What is the relationship between assets and financing (capital)?
What are the three major categories of asset accounts?
What is the primary difference between current assets and the remainder of the asset section of the balance sheet?
Give some examples of current asset accounts.
What is the difference between gross property and equipment and net property and equipment?
How does accumulated depreciation relate to the income statement?
What are liabilities?
What are some of the accounts that would be classified as current liabilities?
Briefly describe accruals and provide an example.
What is the difference between notes payable and long-term debt?
What is the difference between long-term debt and current portion of long-term debt?
What are net assets (equity)?
What are the differences in the equity sections of not-for-profit and investor-owned providers?
What is the relationship between the retained earnings account(net assets without donor restrictions) on the balance sheet and earnings (net income or excess of revenues over expenses) reported on the income statement?
What type of health services organization is most likely to use fund accounting?
Explain the differences between funds with and without donor restrictions.
Is there a significant difference in the economic content of balance sheets created using fund accounting and those prepared under conventional accounting guidelines?
Briefly explain the three major categories shown on the cash flow statement.
In your view, what is the most important piece of information reported on the cash flow statement?
a. What is the difference between the income statement and balance sheet in regard to timing?b. What is wrong with the following statement? “The clinic’s cash balance for 2020 was $150,000, while its net income on December 31, 2020, was $50,000.”
a. What is the accounting identity?b. What is the implication of the accounting identity for the numbers on a balance sheet?c. What does the accounting identity tell us about a business’s equity?
a. What are assets?b. What are the three major categories of assets?
a. What makes an asset a current asset?b. Provide some examples of current assets.c. What is net working capital, and what does it measure?
a. On the balance sheet, what is the difference between long-term investments and property and equipment?b. What is the difference between gross fixed assets and net fixed assets?c. How does depreciation expense on the income statement relate to accumulated depreciation on the balance sheet?
a. What is the difference between liabilities and equity?b. What makes a liability a current liability?c. Provide some examples of current liabilities.d. What is the difference between long-term debt and notes payable?
a. Explain the difference between the equity section of a not-forprofit business and an investor-owned business.b. What is the relationship between net income on the income statement and the equity section on a balance sheet?
What is fund accounting, and why is it important to some healthcare providers?
a. What is the statement of cash flows, and how does it differ from the income statement?b. What are the three major sections of the statement of cash flows?c. What is the bottom line of the statement of cash flows, and how important is it?
Middletown Clinic had total assets of $500,000 and an equity balance of $350,000 at the end of 2019. One year later, at the end of 2020, the clinic had $575,000 in assets and $380,000 in equity.What was the clinic’s dollar growth in assets during 2020, and how was this growth financed?
San Mateo Healthcare had an equity balance of $1.38 million at the beginning of the year. At the end of the year, its equity balance was $1.98 million.a. Assume that San Mateo is a not-for-profit organization. What was its net income for the period?b. Now, assume that San Mateo is an investor-owned
Here is financial statement information on four not-for-profit clinics:Fill in the missing values labeled a through l. Pittman Rose Beckman Jaffe December 31, 2019: Assets $80,000 $100,000 g $150,000 Liabilities 50,000 d $75,000 j Net assets a 60,000 45,000 90,000 December 31, 2020: Assets b
The following are selected account balances for Warrenton Clinic as of December 31, 2020, in alphabetical order. Create Warrenton Clinic’s balance sheet. Accounts payable Accounts receivable, net $ 20,000 60,000 Cash 30,000 Equity 230,000 Long-term debt 120,000 Long-term investments 100,000 Net
Consider the following balance sheet:a. How does this balance sheet differ from the one presented in exhibit 4.1 for Sunnyvale?b. What is BestCare’s net working capital for 2020?Exhibit 4.1c. What is BestCare’s debt ratio? How does it compare with Sunnyvale’s debt ratio? BestCare HMO Balance
Consider this balance sheet:a. How does this balance sheet differ from the ones presented in exhibit 4.1 and problem 4.5?b. What is Blue Sky’s net working capital for 2020?c. What is Blue Sky’s debt ratio? How does it compare with the debt ratios for Sunnyvale and Best Care?Problem 4.5Consider
Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James Hospital. Using the balance sheets and the additional information provided, complete the income statement of James Hospital for the year ended December 31, 2020.Additional information:• James Hospital paid no
Oak Street Clinic, a not-for-profit, began 2020 with the following account balances on January 1:During 2020, the accounting clerk recorded the following transactions:Oak Street Clinic’s year-end is December 31. Construct the 2020 balance sheet and income statement for the clinic, using the
What are the primary differences between financial and managerial accounting?
What is meant by the term cost?
Define the term relevant range.
Explain the features and provide examples of fixed and variable costs.
How does the time period affect the estimation of fixed and variable costs?
What is meant by the term underlying cost structure?
Construct a simple table like the one in exhibit 5.1 for medical supplies with a relevant range of 0 to 500 procedures (unit), $20 in variable costs per procedure, and $500,000 fixed costs. Discuss its elements.
Sketch and explain a simple graph similar to the one in exhibit 5.2 to match your table.Exhibit 5.2 Costs ($) Total Costs 150,000 Fixed Costs Total Variable Costs Volume (Number of Tests)
Construct a simple P&L statement like the one shown in exhibit 5.5 and discuss its elements.Exhibit 5.5 Total revenues ($100 75,000) $7,500,000 Total variable costs ($28.18 x 75,000) 2,113,500 Total contribution margin ($71.82 x 75,000) $5,386,500 Fixed costs 4,967,462 Profit $419,038
Sketch and explain a simple graph to match your P&L statement.
Define and explain the concept of contribution margin.
What is the purpose of breakeven analysis?
What is the equation for volume breakeven?
Why is breakeven analysis often conducted in an iterative manner?
What is the difference between accounting breakeven and economic breakeven?
What is the impact of a discount contract on fixed costs, total variable costs, and the breakeven point?
What is meant by marginal analysis?
What is meant by the statement “Marginal analysis is made more complicated by long-term considerations”?
Do marginal costs always consist only of variable costs?
Under capitation, what is the difference between a CVP graph with the number of visits on the x axis and one with the number of members on the x axis?
What is unique about the contribution margin under capitation?
Why is utilization management so important in a capitated environment?
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