explanation please. SureMed Medical Center is a non-profit hospital. In 2020, it reported the following grossincome and expenses:ACTIVITIESТOTALRELATEDUNRELATED8,560,000 P 16,060,0008,125,0001,450,000Gross IncomeP 7,500,000Directly traceable expensesCommon expenses for both activities4,375,0003,750,000Other income received during the year:P 14,300Interest on time deposit with BDO Quezon CityDividend income from PLDT Company1,350Compute for the taxable income and the tax due assuminga. the given factsb. SureMed Medical Center is a private hospitalc. Suremed Medical center is a government hospital

In case of , a. Given facts & b. Private hospital , Section 27(B) of the Tax Code, as amended,…

SureMed Medical Center is a non-profit hospital. In 2020, it reported the following gross income and expenses: АCTIVITIES ТOTAL RELATED UNRELATED Gross Income Directly traceable expenses Common expenses for both activities P7,500,000 4,375,000 8,560,000 P 16,060,000 3,750,000 8,125,000 1,450,000 Other income received during the year: P 14,300 Interest on time deposit with BDO Quezon City Dividend income from PLDT Company 1,350 Compute for the taxable income and the tax due assuming a. the given facts b. SureMed Medical Center is a private hospital c. Suremed Medical center is a government hospital

SureMed Medical Center is a non-profit hospital. In 2020, it reported the following gross income and expenses: АCTIVITIES ТOTAL RELATED UNRELATED Gross Income Directly traceable expenses Common expenses for both activities P7,500,000 4,375,000 8,560,000 P 16,060,000 3,750,000 8,125,000 1,450,000 Other income received during the year: P 14,300 Interest on time deposit with BDO Quezon City Dividend income from PLDT Company 1,350 Compute for the taxable income and the tax due assuming a. the given facts b. SureMed Medical Center is a private hospital c. Suremed Medical center is a government hospital

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P

See similar textbooks

Similar questions

Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?
Fill in the blanks: Loves Medical Center is a non-profit hospital. In 2019 it reported the following gross income and expenses: Related Activities Unrelated Activities Total Gross income P4,000,000 P5,000,000 P9,000,000 Directly traceable expenses 3,075,000 3,000,000 6,075,000 Common expenses of both activities 1,125,000 Net income P1,800,000 REQUIRED: Compute the tax due assuming From the given facts the income tax due is NOTE. Answers are in numerical form. COMMA PESO SIGN and other characters are NOT REQUIRED < Previous Shot on OnePlus Powered by Triple Camera
Under Cura Hospital’s established rate structure, patient service revenues of $9,000,000 would have been earned for the year ended December 31, 2019. However, only $6,750,000 was collected because of charity allowances of $1,500,000 and discounts of $750,000 to third-party payors. For the year ended December 31, 2019, what amount should Cura record as net patient service revenues? a. $6,750,000 b. $7,500,000 c. $8,250,000 d. $9,000,000
Pitman Hospital received interest payments of $6,000 during 2022. Its balance sheets reported accrued interest receivable as follows: 12/31/21 $3,000 12/31/22 1,000 What amount should be reported as interest income in the hospital’s 2022 statement of operations? 4,000 2,000 9,000 7,000
St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for the taxable year, 2018: Gross receipts from patients and laboratory 5,000,000.00 ;Income earned from unrelated activities 1,500,000.00 ; Total hospital expenses 2,300,000.00. What is the rate of unrelated activity income to St. Matthew Hospital's gross income? Determine the income tax liability of St. Matthew Hospital.
An Outpatient Radiology reported net income for 2020 of $5.2 million on total revenues of $35 million. Depreciation expense totaled $1 million. What were the total expenses for 2020? What were the total cash expenses for 2020? (Hint: Assume that all expenses, except depreciation, were cash expenses.) What was the hospital’s 2020-estimated cash flow?
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
New York Presbyterian Outpatient Radiology reported net income for 2020 of $5.2 million on total revenues of $35 million. Depreciation expense totaled $1 million. a. What were total expenses for 2020? b. What were total cash expenses for 2020? (Hint: Assume that all expenses, except depreciation, were cash expenses.) c. What was the hospital’s 2020 estimated cash flow?
Projected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)
Projected revenue for year 20X1 is as follows: $845,622 in January, $517,629 in February, $528,674 in March, and $847,032 in April. Historical net revenues categorized by payer: Payer Medicare Medicaid Blue Cross Private Payer Revenue Percent Medicare 8,331,224 Medicaid 12,723,238 Blue Cross 10,763,087 Collection patterns by payer: Private Total Within 1 Month 21% 9% 5% 54% 5,527,687 Within 2 Months 33% 17% 40% 30% ? Within 3 Months 35% 48% 36% 5% Within 4 Months Total ? 100% ? 100% ? 100% ? 100% How much revenue do we expect to collect in total in March? (Do
Harrington Hospital provides you with the following information that relates to its financial position at August 31, 20X2, and its operating results for the year then ended: Accounts payable Nonoperating income Accounts receivable Deferred income Long-term investments Nursing services expenses Bonds payable (due 20X9) Daily patient services revenues Fiscal and administrative services expenses Cash Notes payable Land, buildings, and equipment Deductions from patient services revenues Prepaid expenses Other professional services expenses Other professional services revenues Accrued expenses payable Accumulated depreciation Inventory Hospital net assets, August 31, 20X1 Other operating revenues General services expenses $ 430 190 2,950 60 590 4,300 4,100 6,830 1,600 340 180 8,600 970 70 2,900 4,560 820 3,200 240 3,660 630 2,100 Prepare, in good form, (question 1) a statement of operations for Knight Hospital for the year ended August 31, 20X2, and (question 2) a balance sheet for Knight…
A private not-for-profit health care entity has the following account balances: What is reported as the organization’s net patient service revenue? $880,000 $800,000 $690,000 $680,000