Answered Essay: State of California pays 100% of the claims submitted within six months from the ser

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
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