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XYZ's Software Development Division (SDD) has developed several architectural design software packages. One software package that they have developed is being sold to an English Company for $310,000 or 385,000 pounds. The cost of developing the software was $255,000. As payment, XYZ has accepted a note receivable that is due in 5 years.
SDD has also developed a second software package. They incurred development costs of $500,000. They are trading this software package in exchange for a small office building. The fair market value of this building is $675,000.
In an Excel spreadsheet, make the appropriate accounting entry on XYZ's books for each software sale. Include 1-3 paragraphs discussing the accounting issues involved for each sale. Include a 450-1255 word discussion of the accounting issues involved for each sale.
Use $285,000 as the discounted value of the note receivable.
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Overhead applied to Standard using traditional costing using direct labor hours is:
If a company sells goods that cost $70,000 for $82,000, the firm will: A. reduce Finished-Goods Inventory by $70,000. B. reduce Finished-Goods Inventory by $82,000.
Burich Co. reported proceeds from short-term (non-payables) notes of $2.5 million, proceeds from long-term borrowings of $6.8 million,
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The effect of these events and transactions on 2010 income from continuing operations net of tax would be:
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Assume the conditions from part (a) are met. Prepare the Journal entry on August 15,20X0, for Gringo to record the sale of receivable, assuming the recourse obligation has a fair value of $2,000.
The Hamlin Corporation has an inventory conversion period of 60 days, a receivables collection period of 30 days, and a payables deferral period of 28 days. Its annual credit sales are $5,000,000, and its annual credit purchases are $3,500,000. a...
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