A firm experiences a flood loss in the current year that des…

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. A…

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?