Julia is in charge of buying clothing in bulk for a sporting goods store. The table shows the unit prices of the items she intends to buy.Unit Prices of Clothing Items for a Sporting Goods StoreItemUnit PriceT-shirts$7.50Shorts$9.00Windbreakers$12.25If she will buy 35 T-shirts, 45 pairs of shorts, and 25 windbreakers, what will be her total cost?$958.75$973.75$1,021.25$1,038.75

 

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Julia is buying a $30,000 car. The dealer offers her two alternatives.

[Choice 1] Pay the full $30,000 purchase price and finance it with a loan at 5% annually over 4 years.

[Choice 2] Receive $2,000 cash back and finance the rest at a bank annual interest rate of 9%.

Both loans have monthly payments over four years. Which should Julia choose?

Choice 1

Choice 2

 

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Please review the attached images and fill in the blanks.

• Attachment 1
• Attachment 2
• Attachment 3

Julia Dumars is a Ilcensed CPA. During file fllst mnnth uf Dvemtlnns nf her Duslnxs, Julia Dumars. Inl:.. the fullnwimj events and transacliuns occurred. May 1 stuckhcldere invected $22,500 cash in exchange fur mmmun etack.2 Hired a secretamecepdenlst ata salaw pf $1,700 ner month.3 Purchased $1,770 at sunnlie on accnunt from Vinnent SunDlv Cananv.7 Reid nffice rent at 57m cash for the month.11 Campleted a tax amiqnment and billed client $3,5uu lnr services performed.12 Received $3,770 advance en a management consulting engagement.17 Reneived cash nf n.02u Eur serving nerhmned fer orville Ca.31 Paid secretary-receptiunifl 51,700 salary far the month.31 Paid 51% of balance due Virluenl Sum!” camnanv. Julia uses the fullnwing chart uf accounts: No. 101 Cash, Nu. 112 Accuunls Receivable, Me. 126 Supplies, ND. 201 Accuvnte Payable, Me. 209 Unearned Servlce Revenue, Nu. 311 Cnmmun stuck, ”11.400 Service Revenue, No. 725 Salaries and Wages Expense, and Na. 72:: Rent Expense. Juumalize the tra usacllnrls. (Rnund’ ans werj tn D decim-if places, e. _ 5,275. Credit accnunt titles are automatically indented when the amount is entered. Do not indent manually. I! no entry is required, jelect "No Entry" for the account title5 and enter 0 In! the amounts.) Cred Dale Amunnt‘fiu-s and Explanahon Re Dell May 1 (Issued §iaie5 of arm for ash) May 2 May 3 (Purd’lased SWDIIE an acmunt) May 7 (Paid mfim rent) May 11 (Billed Elem fur SWEES Dmlded) May 12 (Retewed (35‘: In hmire services) May 17 (Received ash for services unwidad) May 31 (Paid saiance)

 

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Juilette Ltd is a digital marketing company that undertakes online marketing functions for its customers. In May 2018, Juilette Ltd hired an external consulting firm to review its operations. One of the recommendations made by the external consultants was that the computer software used by Juilette Ltd to produce online advertisements was outdated and should be replaced. Management of Juilette Ltd prepared a report that outlined the following options for the replacement of the computer software:

·      Option 1: acquire a licence from Media Solutions Ltd to use their computer software package. The licence could be acquired immediately for $80,000 and would last five years. A condition of the licence is that Juilette Ltd is prohibited from selling, transferring, licensing, renting or exchanging the computer software even after the licence has expired.

·      Option 2: internally develop a computer software package. It would take between 8 and 12 months to develop the computer software at an estimated cost of $50,000. The computer software would be patented at an additional cost of $15,000.

·      Option 3: internally develop a computer software package. It would take between 8 and 12 months to develop the computer software at an estimated cost of $50,000. The computer software would not be patented.

Required

(a)   For each of the three options, explain whether the computer software satisfies the definition of an intangible asset in accordance with AASB 138 Intangible Assets. In particular, explain whether the computer software satisfies the criterion of identifiability in the definition of an intangible asset.

(4 marks)

(b)   For each option that satisfies the definition of an intangible asset, explain the recognition criteria that would be applied by Juilette Ltd.                                                                                                                                                        (2 marks)

 

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