(B.) For each of the following situations, indicate whether you agree or disagree with the financial reporting practice and state the accounting concept that is applied (if you agree) or violated (if you disagree Merchandise inventory that cost \$620.000 is reported on the balance sheet at 690,000 , the expected selling price costs . 2. XYZ Company included a note in its financial statements that described a pending lawsuit against the company 3. XYZ Company paid for the personal travel of its chief financial officer and charged travel expense 4. XYZ adjusts amounts in its financial statements for the effects of inflation At the end of its 2021 fiscal year , XYZ , lm*c_{i} received an order a customer for 60,000 The merchandise ship The sale was made to a long -time customer and the invoice was paid in 2021 however , the recorded the 2022 Copy and paste the table below and enter your answer points )

Question 2 Q1. (B.) For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the accounting concept that is applied (i 1. Merchandise inventory that cost $620,000 is reported on costs. 3. XYZ Company paid for the personal tavel onts for the effects of inflation: 4. XYZ adjusts amounts in its financial stateme, , received an order from a customer for $60,000. The merchandise will stipe early in 2022 , the controller recorded the sale in 2022 , 2021 , how 5. At the end of its 2021 to a long-time customer and he in (10 points)