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Question - Below is financial data for Mila's Law Firm owned by Mila, G. at 30 June 2021:
Cash at bank $15,000
Motor vehicle $29,000
Salaries payable 5,000
Mila, G capital contribution 17,000
Accounts receivable 17,000
Office expense 2,600
Insurance expense 16,000
Advertising expense 20,000
Accounts payable 12,000
Salaries expense 55,000
Service revenue 220,000
Mila, G drawings 20,000
Loan payable 60,000
Travel expense 3,500
Prepaid insurance 2,000
Court filing fees 4,000
Office equipment 45,000
Required - Create an income statement for the business for the year ended 30 June 2021.
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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