what are the components of the cost of goods sold (also known as cost of revenues for healthcare organizations)give a brief definition of each one of those components Lueder's Medical Clinic - Income StatementYear Ended December 31Operating RevenueGross patient service revenueLess: Contractual allowancesNet patient service revenueOther operating revenueTotal operating revenueSalaries and wagesEmployee benefitsSupplies expensePurchased servicesOther operating expensesProvision for bad debtsDepreciation and amortizationInterest expenseTotal ExpensesRevenue over expenses from operationsNonoperating gains: Investment incomeNet income (loss)Operating Expenses2017$775,000.00465,000.00310,000.0018,000.00328,000.002017139,279.0013,041.0017,376.0029,200.00105,076.0018,440.0017,650.002,750.00$342,812.00(14,812.00)15,325.00$513.002018$844,000.00505,200.00338,800.0028,000.00366,800.002018165,320.0014,062.0017,058.0026,756.00117,806.0011,500.0012,500.001,819.00$366,821.00(21.00)1,445.00$1,424.00

Cost of goods sold is that cost which is incurred by an organization for generating the sales or…

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what are the components of the cost of goods sold (also known as cost of revenues for healthcare organizations)give a brief definition of each one of those components

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter25: Departmental Accounting

Section: Chapter Questions

Problem 9SPB

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Question

what are the components of the cost of goods sold (also known as cost of revenues for healthcare organizations)give a brief definition of each one of those components

Lueder's Medical Clinic - Income Statement
Year Ended December 31
Operating Revenue
Gross patient service revenue
Less: Contractual allowances
Net patient service revenue
Other operating revenue
Total operating revenue
Salaries and wages
Employee benefits
Supplies expense
Purchased services
Other operating expenses
Provision for bad debts
Depreciation and amortization
Interest expense
Total Expenses
Revenue over expenses from operations
Nonoperating gains: Investment income
Net income (loss)
Operating Expenses
2017
$775,000.00
465,000.00
310,000.00
18,000.00
328,000.00
2017
139,279.00
13,041.00
17,376.00
29,200.00
105,076.00
18,440.00
17,650.00
2,750.00
$342,812.00
(14,812.00)
15,325.00
$513.00
2018
$844,000.00
505,200.00
338,800.00
28,000.00
366,800.00
2018
165,320.00
14,062.00
17,058.00
26,756.00
117,806.00
11,500.00
12,500.00
1,819.00
$366,821.00
(21.00)
1,445.00
$1,424.00

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