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Question -
1) Prepare the journal entries to record the following costs which were all incurred on October 1, 2021:
1. ART Inc. purchased a trade name, customer list, and manufacturing equipment for a lump sum of $700 cash. The fair market value of each asset was determined to be $150, $350, and $500 respectively.
2. ART also spent $50 cash to install the new equipment and $15 cash to promote the new product the manufacturing equipment is being used for.
2) Prepare the journal entry at the year end of December 31, 2021 for ART to record the equipment depreciation. The equipment is depreciated based on a useful life of 4 years, residual value of $40, using the double-declining balance method.
Beta needs 10,000 units of a component used in producing one of its products. The latest internal accounting reports show that the per unit manufacturing cost to be $150.00, based on the 10,000 unit production. The manufacturing cost per component br..
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Any costs that a company incurs to acquire raw materials and convert them to finished goods ready for sale is referred to as
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What benefits for the whole accounting system can follow from using a computer for accounting work?- Why is the need for accounting skills and knowledge important when the accounting system is computerised?
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