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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 “designated market value” for each inventory item?

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 monthly depreciation expense?

In 2019, Fun Company reports $10,000,000 of Net Income in the current year, after taking out 40% for taxes. They began the year with 1,000,000 shares of common stock.  On 7/1/2019 they issue an additional 500,000 shares and on 9/1/2019 they repurchase 300,000 shares.  Fun Company has 100,000 shares of $100 par, 10% cumulative preferred stock and while they pay no cash dividends in the current year they did pay a 50% stock dividend on 8/1/2019 to their common shareholders. What is the income available to common shareholders in 2019?

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 2021 Average Accounts Payable Days Outstanding?

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?