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 journal entry to record depreciation expense on 12/312022?
Read DetailsABC, Inc. …
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?
Read Details