Financial Accounting - Essay And Problem-Based Questions

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Question 2a)

Explain how Large Mart will need to calculate the cost of goods sold for the sale of 25000 program to UNE (IMPORTANT NOTE: you do NOT need to show the calculations for the cost of Goods Sold!)
UNE is also considering to purchase all rights to the program that was developed by Large Mart for its own exclusive use (rather than to purchase additional copies of the program for students in the future).

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  1. Question 2b) Explain how the Large Mart accounting department would have to record such a sale of all rights..
  2. Question 2) – (5 marks) When the project commenced (at the beginning of the financial year), Large Mart intended to sell the program…
  3. Question 1) – (5 marks) Since the beginning of the financial year, Large Mart has spent $100,000 to create a new computer program that
  4. c. How much would operating income decrease if Sports-Strength did nothing to recover the increase in cost of goods sold, all other things being equal?
  5. 1) (1.0 marks) – Provide all journal entries that are necessary in the books of Large Mart to account…
  6. 2) (0.5 marks) – Provide all journal entries that are necessary in the books of Large Mart to account for the purchase..
  7. c. Calculate and present a schedule of the total annual cost included in the cutting activity cost pool assuming the cutting tool is purchased.
  8. 3) (1.5 marks) – Provide all journal entries that are necessary in the books of Large Mart to account for the revaluation of the car..

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