FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof. To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

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Answer 1

Question

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

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Answer 2

Question

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Answer 6

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

Answer 7

Chapter 8, Problem 8.11BYP

1.

To determine

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAP by providing all the information related to a particular topic under one roof.

To state: the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement.

Answer 8

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

Answer 9

2.

To determine

To state: the specific citation that addresses the recognition of a product financing arrangement.

Answer 10

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

Answer 11

3.

To determine

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

Answer 12

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Answer 13

4.

To determine

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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To state: the specific citation that addresses the recognition of a product financing arrangement.

the appropriate treatment of product financing arrangements like the one proposed by Mr. E.

To Prepare: the journal entry for Company B to record the “sale” of the inventory and subsequent repurchase.

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Chapter 8 Solutions