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While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine costs about $200,000 per year and there is probably 50,000 on hand at any given time.
Give the statement classification of each income statement account
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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy fou
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
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Chemotherapy supplies deals with a medical practice which are considered as inventory or prepaid expenses. As in Tax Court case back that took place in 1999 which is in favour of the medical entity that did expense the supplies. However, the favourable ruling which is largely the result of the argument on reporting on an accrual basis of accounting. We will recommend that a practice expense the supplies on hand until they are consumed as is IRS guidance.
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