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21. For the fiscal year ending 12/31/11;

Billed charges $100,000

Insurance and patient collections/payments $50,000

Insurance Discounts $45,000

Patient bad debts write off $5,000

Collection ratio =X_________________%.

25. (2) Balance Sheet, Practice OB/GYN, March 31, 2013

Assets $140,000

Liabilities $60,000

Owners Equity X ______________

26. (2) Income Statement, Practice Internal Medicine, March 31, 2013

Net Collections $400,000

Variable Expenses $200,000

Fixed Expenses X____________

Net Income $40,000

.

27.	(2 pts)
Cash Flow Statement, cash accounting basis , Month end Feb. 29, 2016
	Beginning Cash Balance, Feb. 1						$100,000
				DR	CR
	Deposit, Feb. 11			$30,000
	Payment for supplies, Feb. 15				$10,000
	Payment for Payroll, Feb 18				$70,000
	Deposit, Feb. 28			$80,000
	Ending Cash Balance, Feb. 29, 2016					X

28. (3)

Circle the correct answer relating to basic accounting:

-To increase an asset account, it should be: debited credited

-To increase a liability account, it should be: debited credited

-To increase an equity account, it should be: debited credited

-To increase a revenue account, it should be: debited credited

To increase an expense account, it should be: debited credited

29. Calculate days in accounts receivable:

Gross accounts receivable as of 12/31/17 = $700,000

Gross billing for the year was $6,000,000

Applying the formula, what is days in AR as of 12/31/17. (Use the full year of 360 days in calculation average daily revenue needed to complete the calculation)

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