Author Question: Since insurance lasts for several months, it is recorded as owner's equity. a. True b. False ... (Read 101 times)

KWilfred · **on:** Jul 5, 2018

Since insurance lasts for several months, it is recorded as owner's equity.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A county hospital's patient charges for the year were 3,000,000 .

Of this amount, 25 is deemed to be uncollectible, 5 was considered to be charity services after the services were provided, and 10 will be reduced by contractual adjustments with third party providers. How much will be reported as expense in the external financial statements to reflect this information?
a. 0
b. 750,000
c. 150,000
d. 300,000
e. 1,200,000