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Problem - Your four-year work term is now over, and you managed to do quite a lot of travelling while overseas both for business and pleasure. Upon your return, you decide to put a down payment on a house. You also received a bonus at the end of your contract and so you have $30,000 as a down payment towards a starter home costing $285,000. You have been approved for a mortgage to cover the balance of $255,000. The mortgage is amortized over 25 years and has a 3.25% APR compounded bi-weekly.
a. Calculate your bi-weekly payment.
b. Determine how much of the first payment will go towards interest and how much will go towards the principal?
c. How much interest will be paid over the course of 25 years?
d. In five years, the mortgage will need to be renewed. How much will be owing at that time?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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