Reference no: EM132540191
Question - On January 1, 20X4, XYZ Equipment Corp. delivered a road grader and an excavator to a client. Pertinent details of the transaction follow:
XYZ paid $290,000 for the road grader. It normally sells these graders for $377,000 cash.
XYZ paid $218,000 for the excavator. It normally sells these excavators for $273,000 cash.
XYZ received $75,000 cash on delivery of the equipment and accepted a $600,000, three year, interest-free note receivable payable at $200,000 per year, first payable on January 1, 20X5.
The market rate of interest for transactions of this nature is 4% per annum.
XYZ, whose fiscal year end is December 31, prepares its financial statements in accordance with IFRS. It uses the specific identification method to account for inventory. All payments on Intermediate Financial Reporting 1 Project 1 5/9 the notes receivable were made on the scheduled dates. XYZ only prepares accruals and adjusting entries at year end.
a) Calculate allocate the purchase price between the two deliverables.
b) Prepare XYZ's journal entries pertaining to the sale of the equipment on January 1, 20X4.
c) Prepare XYZ's journal entries for each of December 31, 20X4, January 1, 20X5, December 31, 20X5, January 1, 20X6, December 31, 20X6, and January 1, 20X7.
|
Properly configuring and collecting audit
: Properly configuring and collecting audit logs requires meticulous care. Complete the Practice Lab titled "Audit Logs."
|
|
What is the most appropriate auditors opinion
: The relevant inventory is currently recorded at $2,500,000. What is the most appropriate auditor's opinion for Durable Drums
|
|
Explain with example the advanced encryption standard
: Explain with example the Advanced Encryption Standard. Explain with examples, the Data Encryption Standard.
|
|
Data analytics and visualization
: Project assignment is to have you do more research on the topic of Data Analytics and Visualization. In this project, you will need to do some research.
|
|
Prepare XYZ journal entries for each of December
: Prepare XYZ's journal entries for each of December 31, 20X4, January 1, 20X5, December 31, 20X5, January 1, 20X6, December 31, 20X6
|
|
Advise the akawini management team
: You have been asked to advise the Akawini management team how they should promote and monitor the transformation of risk management in their business.
|
|
Determine the unit sales volume
: Determine the unit sales volume at which the net operating income is the same for the two manufacturing methods
|
|
Cyber security incident management process
: Write a paper detailing a Cyber Security Incident Management Process for a mock company.
|
|
Explain where the Canadian Auditing Standards were violated
: The audit report was dated on January 31 which was the last day of the fieldwork. Clearly explain where the Canadian Auditing Standards were violated
|