Test xqs software development division sdd has developed, Ask an Expert

Accounting

TEST XQ's Software Development Division (SDD) has developed several architectural design software packages. One software package that they have developed is being sold to English Company for $250,000 or 325,000 pounds. The cost of developing the software was $195,000. As payment, XQ has accepted a note receivable that is due in 5 years.

SDD has also developed a second software package. They incurred development costs of $410,000. They are trading this software package in exchange for a small office building. The fair market value of this building is $600,000.

In an Excel spreadsheet, make the accounting entry on XQ's books for each software sale. Include 1-3 paragraphs discussing the accounting issues involved for each sale.Use $235,000 as the discounted value of the note receivable.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973348

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question faith essay instructionsyou will write an 800-word

Question: Faith Essay Instructions You will write an 800-word essay in current APA format that focuses on how biblical concepts are related to the fields of accounting and finance. The essay must incorporate a thoughtful ...

Question - blue co reported 150000 of net income for 2017

Question - Blue Co. reported $150,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2017 that might affect cash flows from operating activiti ...

Question - sweet corporation had net sales of 2429800 and

Question - Sweet Corporation had net sales of $2,429,800 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,600, administrative expenses $221,700, selling expenses $289,000, and ...

Question -a calculate the ending balance of the

Question - (a) Calculate the ending balance of the Manufacturing Overhead account for November. Lawler and Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit job ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question - aqua corporation is a retail operation

Question - Aqua Corporation is a retail operation specializing in pool equipment and outdoor furniture. It is very interested in merging with Icterine Corporation, a lamp manufacturer; Aqua is very profitable and Icterin ...

Question - consider dereks budget information materials to

Question - Consider Derek's budget information: materials to be used totals $64,500; direct labor totals $200,400; factory overhead totals $398,600; work in process inventory January 1, $188,400; and work in progress inv ...

Question 1 company boards executives and management are

Question: 1. Company boards, executives, and management are investing more and more time and resources on issues of sustainability - such as carbon (greenhouse gas emissions), energy efficient technology, water use, clea ...

Question the records of hetrick company and frear

Question: The records of Hetrick Company and Frear Corporation show the following information. Prepare journal entries, if required, to adjust the books of Hetrick Company or Frear Corporation, as noted. The fiscal year ...

Question for this weeks discussion research the most common

Question: For this week's Discussion, research the most common threats to a computerized accounting system using the Internet and/or Strayer databases. Be prepared to discuss. 1. Upon examination of the greatest threats ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert