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Damm [24]
3 years ago
15

Why is it important to keep your own financial records?

Business
1 answer:
Serhud [2]3 years ago
4 0

Answer:

You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business

Explanation:

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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $48,400.
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Answer:

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Explanation:

Step 1  : Determine the Depreciation rate

<em>Depreciation rate = Cost - Salvage Value ÷ Estimated Units</em>

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Step 2 : Depreciation Expense

<em>Depreciation Expense = Depreciation rate x units produced</em>

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Therefore,

the machine's second-year depreciation using the units-of-production method is $3,340

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