6. "The amount at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction". This is a definition of (1.5 Points) Estimated selling price. Net realizable value O Fair value Histoncal.com :Profit or loss for the period' appears in 12 (1.5 ) Income statement & statement of changes in equity Statement of financial position Cash flow statement Statement of changes in equity Income statement 16. The following are information about purchases and sales for main product of Oqlah Inc. for year 2019: ((Beginning inventory)): 16,000 units / $10 eac.. ((Purchases)): - March: 40,000 units / $14 each - August: 24,000 units / R20 each ((Sales)); - April: 45,000 units - October 20000 units Oqlah uses the Weghted Average method" Based of previous information, ABC should: (1.5 Points) the previous information are not enough to decide how they should prepare its financial statements. prepare its financial statements under another assumption but not the going concern all positive and negative indicators are equal without any serious situation that effeci the busniess prepare its financial statements under going concern assumption Issue an announcements in public that there is a possibilities to have bankruptcy next mod The amount at which an asset could be '.11 exchanged, or a liability settled, between knowledgeable, willing parties in an arm's * length transaction". This is a definition of (1.5 ) Net realizable value o Historical cost Fair value Estimated selling price 17. Based on previous information about Oglah Inc. from (Question 16): Required: Compute the cost of goods sold". (2 points) 975000 18. Based on previous information about Oqlah Inc. from (Question 16) Required: Compute the cost of ending inventory" 05 (2 points) Enter your answer Submit c is one that is 1.11 likely to be settled within the normal operating cycle or 12 months after balance sheet date, held for trading purposes, or there is no unconditional right to defer settlement for at least 12 months after "balance sheet date *This is a definition of (iha1.5) Non-current assets Current liabilities o Current assets oncurrent liabilitas 4. ABC Inc. is an hotel which were starting its business since 2015 in Jordal, and the following information related about year 2020: The tourism sector around the whole world was effected by Covid-19 which ends many entities and enforce these entities to declare bankruptcy because of the decrease of the whole sector which reached 80% comparing with year 2019. ABC announced their results for year 2020. decreasing in sales by 70%, current assets exceeded current liabilities with JOD 2 millions, net loss of JOD 1.5 millions. Due to the bad situation of many economic sectors, the local government decided to support and fund sectors that got effected by the Covid-19 situation including tourism sector, by make agreements and contracts to use hotels' facilities for medical purposes till next year with advance payments and reduces taxes for the same period. Also, the owners of ABC decided to support their business with extra fund that ensure business to continue its operations till next 6 months. Based of previous information, ABC should 11.5 Points) prepares financial statements undergoing concern assumption to prepare its tirandal tatements under another sumption but not tre going concern threr information are not enough to decide to the trould get francial statements thenient public that the custom bacted houtsnystation that the