Consider the following items that Leon’s would have and explain why, according to IFRS, each would be considered an asset. If an item isn’t an asset, explain why not.
a. computers used by sales people in the stores
b. tables and chairs used for conversations between customers and sales people
c. television promotion for a new product (that’s sold at Leon’s stores) paid for by the product’s producer (not by Leon’s)
d. large, brightly lit sign outside the store
e. furniture badly damaged in an in-store accident
f. money owed to Leon’s by a senior executive
g. money paid in advance by Leon’s for rent on a building housing a store