Your hospital has billed charges of $4,000,000 in February. If your collection experience indicates that 20 percent is paid in the month billed, 40 percent in the second month, 20 percent in the third month, and 5 percent in the fourth month, determine the following values:
a.) Net patient revenue for February
b.) Collections of February charges in February
c.) Net accounts receivable at the end of March for February bilings
Your instructional notes are on the spreadsheet attached. "Net" revenue is shown as well as a schedule to track collections.