Ms. Johnson was a diabetic patient, and was placed on a stri…

Ms. Johnson was a diabetic patient, and was placed on a strict diet by her primary care physician. However, Ms. Johnson enjoyed baking cakes, and most of all she enjoyed eating slices of her freshly baked German chocolate cakes on a weekly basis, and often neglected taking her medication. As a result, Ms. Johnson suffered a diabetic coma and did not obtain consciousness for two months. She later filed a malpractice claim against her primary care physician. Which of the following is the most appropriate defense the primary care physician should raise in response to Ms. Johnson’s claim?

William is a 16-year-old male who lives at home with his par…

William is a 16-year-old male who lives at home with his parents and works part-time as a dishwasher at one of the local restaurants. While emptying the dishwasher, William is severely scalded and rendered unconscious. He is taken to the emergency department of the local acute care hospital for emergency treatment. Referring to the case study above, what must the hospital receive in order to release information to William’s employer?

Sheldon Company had 2,000 units of inventory costing $10,000…

Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st.  During July, Sheldon engaged in the following transactions: A. July 3rd – The company paid cash to purchase 1,000 units of inventory for $6,500. B. July 10th – The company paid cash to purchase 1,200 units of inventory for $8,400. C. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash.    Under a LIFO valuation method, what is the ending inventory for July?

Sheldon Company had 2,000 units of inventory costing $10,000…

Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st.  During July, Sheldon engaged in the following transactions: A. July 3rd – The company paid cash to purchase 1,000 units of inventory for $6,500. B. July 10th – The company paid cash to purchase 1,200 units of inventory for $8,400. C. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash.    Under an average costing valuation method, what is the cost of goods sold for July?

August 1, 2023 Josie’s Jeans purchased a new machine for $80…

August 1, 2023 Josie’s Jeans purchased a new machine for $80,000 in cash. Josie’s uses straight-line depreciation and expects the machine to have a 10 year useful life with a salvage value of $10,000. On January 1, 2026 Josie’s sold the machine for $5,000 cash.   For August 1, 2023 when the journal entry is prepared, what is the impact on the Accumulated Depreciation account?