Problem: 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