Reference no: EM132401704
Assignment -
You are working for Mindak LLP, an accounting consulting firm, as a research and accounting specialist. Kay Candy Inc. asked you to research and explain the U.S. GAAP rules for AR, Inventory, PPE&E and Intangible Assets.
The client wants you to reference and explain the rules in the FASB codification for these topics (answering the specific questions requested below). Kay Candy Inc. will then use your business professional memo to look up the rules in the codification.
Please make sure you include in your memo discussion of all four items (a) to (d) below. Reference the relevant topic, subtopic, section and paragraphs. You should reference the codification by using "FASB ASC XXX-XX-XX-XX". Your grade will primarily focus on whether you are identifying the proper topics, subtopics, sections and paragraphs in the codification. You can summarize each item referenced in 1-2 sentences. You should not be copying any of the codification into your memo as the client can go look directly at the codification reference.
a) Receivables: The company has sold goods to a customer in exchange for a note receivable (maturity date in three years). How does the company determine the exchange price?
b) Inventory: The company uses the FIFO inventory cost flow assumption. They believe that the value of the inventory has declined. How should they measure a decline in inventory valuation?
c) PP&E: The company has entered into a nonmonetary exchange with a piece of equipment. How should they account for the nonmonetary exchange of equipment?
d) Intangible Assets: The company has acquired a patent for a new product from another company. How should they recognize the patent acquisition?
Note- make sure that the right FASB codes are included in the assignment. Don't only need the question to be answered, the codes are more important.
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