Bonus #2:     In a retailer’s periodic inventory system, the beginning inventory is the

On 1/1/2023 ABC, Inc. sells some equipment in exchange for 5 annual payments of $5,000 per year due at the end of each year (so ABC will be receiving the first payment on 12/31/2023). ABC uses a 7% rate for discounting future cash flows. What is the journal entry(ies) that ABC (they are the seller!) would record on 1/1/2023 (you can ignore the cost of goods sold and inventory impact related to the cost of the equipment for this exchange and just focus on the revenue related accounts)?

On which financial statement would you find the Cost of Goods Sold account and what is the normal balance for Cost of Goods Sold?

ABC, Inc. uses the LIFO periodic cost flow assumption. They sell their product for $20 per unit each year. At the end of 2022 ABC, Inc. reports the following ending inventory (and related costs per unit) related back to prior year purchases that have yet to be “sold”:   20,000 units (purchases exceeded sales in 2019 @ $9 cost per unit)             = $180,000 10,000 units (purchases exceeded sales in 2020 @ $10 cost per unit)           = $100,000 20,000 units (purchases exceeded sales in 2021 @ $11 cost per unit)           = $220,000 10,000 units (purchases exceeded sales in 2022 @ $12 cost per unit)           = $120,000 60,000 units total in ending inventory                                                                = $620,000   In 2023, ABC, Inc. has a great year and sales exceed purchases by 50,000 units!  The units purchased in 2023 cost $14 per unit.  How much is 2023 net income going to be inflated due to liquidation of old inventory layers (at lower costs than current costs)?

On January 1, 2012 XYZ sells 10,000 units of inventory to ABC.  The list price of each unit of inventory sold is $20.  Due to the high volume of inventory purchased by ABC, XYZ offers a 10% trade discount on this purchase price.  In addition, XYZ offers a cash discount with term 3/15, n/45 to encourage faster collection.  XYZ uses the net method to account for cash discounts.  ABC pays for the inventory on January 13th to pay off the balance in full. What is the revenue journal entry that XYZ will record on January 1, 2012?

Which of the following is included in ending inventory when considering goods in transit at year end?

The ____________ is a comprehensive computerized list that contains information about several aspects of all items that the organization may charge for the health care services and procedures provided to patients.​

Records not completed within a required time frame determined by the medical staff of a facility are referred to as __________.​

Routine decisions are also known as ________ decisions. ​

A patient with end-stage renal disease is most likely to be covered by _____.​