Why does Green Valley show a provision for income taxes while the other two income statements did not?
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June 13, 2021Why does Green Valley show a provision for income taxes while the other two income statements did not?
Why does Green Valley show a provision for income taxes while the other two income
statements did not?
BESTCARE HMO
3.2 Consider the following income statement:
BestCare HMO
Statement of Operations
Year Ended June 30, 2011
(in thousands)
Revenue:
Premiums earned $26,682
Coinsurance 1,689
Interest and other income 242
Total revenues $28,613
Expenses:
Salaries and benefits $15,154
Medical supplies and drugs 7,507
Insurance 3,963
Provision for bad debts
19
Depreciation 367
Interest 385
Total expenses $27,395
Net income $ 1,218
a. How does this income statement differ from the one presented in Exhibit 3.1?
b. Did BestCare spend $367,000 on new fixed assets during fiscal year
2011? If not, what is the economic rationale behind its reported depreciation expense?
c. Explain the provision for bad debts entry.
d. What is BestCare’s total profit margin? How can it be interpreted?
3.3 Consider this income statement:
Green Valley Nursing Home, Inc.
Statement of Income
Year Ended December 31, 2011
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