a. The records of ABC Co. show the following: Goods sold on an installment basis to XYZ, Inc., title to the goods is retained by ABC Co. until full payment is made. XYZ, Inc. took possession of the goods b. Goods sold to Alpha Co. for which ABC Co. has signed an agreement to repurchase the goods sold at a set price that covers all costs related to the inventory C. Goods sold where large returns are predictable 270,000 d. Goods received from Beta Co. for which an agreement was signed requiring ABC Co. to replace such goods in the near future How much is included as part of ABC Co.'s inventory? 750,000 680,000 580,000

a. The records of ABC Co. show the following: Goods sold on an installment basis to XYZ, Inc., title to the goods is retained by ABC Co. until full payment is made. XYZ, Inc. took possession of the goods b. Goods sold to Alpha Co. for which ABC Co. has signed an agreement to repurchase the goods sold at a set price that covers all costs related to the inventory C. Goods sold where large returns are predictable 270,000 d. Goods received from Beta Co. for which an agreement was signed requiring ABC Co. to replace such goods in the near future How much is included as part of ABC Co.'s inventory? 750,000 680,000 580,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following to answer questions 8 through 10: On May 1, 2021, Jazzie Co. agreed to sell the assets of its Mister Division to Shawna Inc. for $80 million. The sale was completed on December 31, 2021. Jazzie’s year ends on December 31st. The following additional facts pertain to the transaction: The Mister Division qualifies as a component of an entity as defined by GAAP. Mister's net assets totaled $48 million on Jazzie's books at the time of the sale. Mister incurred a pre-tax operating loss of $10 million in 2021. Jazzie’s income tax rate is 40%. In the 2021 income statement for Jazzie Co., they would report after tax income from discontinued operations of: Group of answer choices $9.2 million. $13.2 million. $22 million. $26 million.
On January 1, 2021, Globe Company sold a piece of machinery to Troll Company for P2,400,000. Because of the entity’s commitments to its customers to provide their needs for the next three years, Globe Company simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows:• Fair value of machinery- P2,200,000• Carrying amount of machinery- P1,700,000• Remaining useful life of the machinery- 8 years• Lease term- 3 years• Annual rent payable at beginning of each year, starting on January 1, 2021- P500,000• Market rate of interest- 10%• PV of an ordinary annuity of 1 at 10% for 3 periods is 2.4869• PV of an annuity due of 1 at 10% for 3 periods is 2.7355 What is the amount recorded by Globe Company for the right-of-use asset on January 1, 2021? (round off your final answer to the nearest peso value)