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Learn-a-lot Ltd is a small but expanding Leeds-based retail company that provides computer-based educational facilities and equipment for a range of public and private sector colleges and universities specialising in post-graduate professional IT courses. As a result of a recent increase in demand for the courses offered by universities and colleges, the company is considering expanding its current retail facilities.
The company is seeking to establish a presence in both Hull and York in order to benefit from the high number of undergraduates studying IT and computer science-related degrees at the local universities. The company is, however, aware that such an expansion would require not only a substantial capital investment, but also a significant change in the company's accounting information systems procedures, especially those concerned with the recording of sales income.
Required:
As their recently appointed systems accountant, prepare a report for the management of Learn-a-lot Ltd on the importance for a company like Learn-a-lot Ltd to possessing a cohesive strategy for the development and implementation of information and communication technologies within its accounting information systems.
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
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On January 9, 2010, Swifty Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Swifty spends $2,200 painting it, $500 replacing tires, and $5,000 overhauling the engine. The truck should remain in service ..
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