On January 1, 2022, XYZ Company purchased a patent for $200,000. The patent has a useful life of 8 years. What is the amortization expense for the patent for the year ended December 31, 2022, using the straight-line method?

Question 2: ABC Corporation has the following information for the year ended December 31, 2022:

• Net sales revenue: $800,000
• Gross profit: $500,000
• Total expenses: $300,000
• Beginning inventory: $100,000
• Ending inventory: $150,000

Calculate the cost of goods sold for ABC Corporation for the year ended December 31, 2022.

Question 3: XYZ Company has the following information for the year ended December 31, 2022:

• Accounts payable at the beginning of the year: $20,000
• Accounts payable at the end of the year: $30,000
• Cost of goods sold: $200,000
• Cash paid for purchases: $180,000

Calculate the accounts payable turnover ratio for XYZ Company for the year ended December 31, 2022.