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ABC, Inc. purchases a building on 9/1/2022 for $1,000,000. At the time of the purchase, they expect that the building will be used for 40 years and assume a $40,000 salvage value.  They use straight-line depreciation to depreciate the building.  Assume that ABC, Inc. prepares annual financial statements on 12/31 each year. What is the journal entry to record depreciation expense on 12/312022? 

ABC, Inc. has the following three inventory items (items A, B, and C) that they are concerned may be overstated. They currently report each item at cost on the balance sheet.   Item   Cost                 Replacement Cost                   NRV              Normal profit of NRV A        $400,000         $380,000                                 $400,000                       10% B        $475,000         $470,000                                 $600,000                       25% C        $500,000         $460,000                                 $700,000                       20% After applying the LCM rules for each item, what will they report as total inventory on their balance sheet (please sum the three values that you come up with for A, B, and, C)?

The hospital tech is complaining that the blood pressure machine isn’t working at all. What should you check FIRST?

ABC, Inc. has the following three inventory items (items A, B, and C) that they are concerned may be overstated. They currently report each item at cost on the balance sheet.   Item   Cost                 Replacement Cost                   NRV              Normal profit of NRV A        $400,000         $380,000                                 $400,000                       10% B        $475,000         $470,000                                 $600,000                       25% C        $500,000         $460,000                                 $700,000                       20% What is the journal entry (if one is necessary) to reduce the inventory balance to be in accordance with the lower-of-cost-or-market rules (assume they use the cost of goods sold approach to reduce inventory)?

ABC, Inc.                                                             2021                2020 Income Statement Sales                                                    $30,000           $20,000 CGS                                                    $20,000           $15,000 Balance Sheet Accounts Receivable                          $1,000             $800 Inventory                                            $3,000             $2,000 Accounts Payable                               $1,500             $1,000   Based on the above information, what is 2021 Average days to collect cash from sales?

ABC, Inc.                                                             2021                2020 Income Statement Sales                                                    $30,000           $20,000 CGS                                                    $20,000           $15,000 Balance Sheet Accounts Receivable                          $1,000             $800 Inventory                                            $3,000             $2,000 Accounts Payable                               $1,500             $1,000   Based on the above information, what is the amount of days on average that ABC would be without cash and need to find a funding source to bridge that gap?

Company XYZ, Inc. uses dollar value LIFO for inventory. Given the following information:     Solve for the 2020 and 2021 price index, and write them in the answer box below:                         Inventory at                                                                             end-of-year                             Price                End of year inventory                         prices                                      Index               at base-year prices 2019                $400,000                                 1.00                 $400,000 2020                $467,500                                 ___                  $425,000         2021                $492,000                                 ___                  $410,000

A firm experiences a flood loss in the current year that destroys all but $6,000 of inventory (at cost). Given the following data:                                                   Prior Year                   Current (to date of flood) Sales                                        $100,000                                 $40,000 Purchases                                $70,000                                   $35,000 Cost of Goods Sold                 $60,000 Ending Inventory                    $10,000   What is the approximate inventory lost?

ABC, Inc. purchases a building on 9/1/2022 for $1,000,000. At the time of the purchase, they expect that the building will be used for 40 years and assume a $40,000 salvage value.  They use straight-line depreciation to depreciate the building.  Assume that ABC, Inc. prepares annual financial statements on 12/31 each year. What is the net book value (balance sheet value) of the building as of 12/312023?

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