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Question - Salmon Fisheries is owned by Matthew Kulak and provides fish products to the fishing industry. At the end of March 2019, they had the following adjustments.
Mar 31 Interest of $380 had accrued on the bank loan. Mar 31 The balance of prepaid rent is for a 5-month lease, one month of rent has been used. Mar 31 During March, Salmon Fisheries earned $940 of unearned revenue. Mar 31 The computers were purchased on March 1, 2019 and have an expected useful life of five years, after which they will have no residual value. Record depreciation for March.
Required - Using the following trial balance, complete the adjustments and the adjusted trial balance in the worksheet.
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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