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Problem - On December 31, 2017, Brisbane Company had 100,000 shares of common stock outstanding and 27,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Brisbane purchased 21,000 shares of common stock on the open market as treasury stock paying $37 per share. Brisbane sold 5,700 treasury shares on September 30, 2018, for $42 per share. Net income for 2018 was $177,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 47,000 common shares at $37. The market price of the common shares averaged $47 during 2018. Compute Brisbane's basic and diluted earnings per share for 2018.
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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