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| State of California pays 100% of the claims submitted within six months from the service date, 75% within nine months, 50% within a year, and pays 0% after one year. During the internal audit process, the following omitted items were found and the claims were submitted on March 31, 2013. How much should be recorded as accounts receivable on March 31, 2013? | ||||
| Service Date | Claim Amount | Accounts Receivable | ||
| 15-Feb-12 | $150 | |||
| 31-may-12 | $100 | |||
| 31-Aug-12 | $200 | |||
| 18-Oct-12 | $100 | |||
| Jan 15, 2013 | $200 | |||
| Total | $750 | |||
Expert Answer
| Sr. No. | Service Date | Claims Submitted Date | Time Expire | Claim Amount | Claim % Allowed | Account Receivable | Remarks | ||||
| 1 | 15th Feb 12 | March 31, 2013 | More then one year | $ 150 | 0% | $ – | More then 12 moths so 0% Claim | ||||
| 2 | 31-may-12 | March 31, 2013 | 10 Months | $ 100 | 50% | $ 50 | More then 9 month and less then 12 month so claim is 50% | ||||
| 3 | 31-Aug-12 | March 31, 2013 | 7 moths | $ 200 | 75% | $ 150 | More then 6 month and less then 9 month so claim is 75% | ||||
| 4 | 18-Oct-12 | March 31, 2013 | 5 months and 12 days | $ 100 | 100% | $ 100 | Less then 6 months so claim is 100% | ||||
| 5 | Jan 15, 2013 | March 31, 2013 | 2 months and 16 days | $ 200 | 100% | $ 200 | Less then 6 months so claim is 100% | ||||
| TOTAL | $ 750 | $ 500 | |||||||||
| So Amount should be recorded as Account recivable is $ 500 Only | |||||||||||
| Answer = $ 500 | |||||||||||
