Accounting

IGNORE THE REQUIREDS STATED IN THE CASE

I only want you to address the following issues:

  1. Vehicle lease: is it properly recorded?
  2. Inventory: is it properly recorded?
  3. Capital assets: are they all properly recorded?

You do not need to address any other issues discussed in the case.

There are no alternative treatments. These are simply issues of right and wrong.

Are the items properly recorded under ASPE? Use ASPE and case facts to explain why.

Are the items not properly recorded under ASPE? Use ASPE and case facts to explain why and suggest proper treatment. Make all necessary journal entries to correct the issues if they are wrong.

Also, provide any necessary journal entries for depreciation.

Finally, prepare a classified balance sheet. Use the trial balance as a starting point and adjust for the analysis of your issues above.

 
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