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(Alternative treatment of prepayment) At Sugarland Ltd,, prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received.
Durning January of the current year the following transactions happened Jan 2 Paid $3,000 for casualty insurance protection for the year 10 Paid $5,700 for supplies 15 received $11,100 for services to be performed in the future On January 31, it is determined that $3,500 of the service revenue has been earned and there is $2,800 of supplies on hand
A) journalize and post the January transactions. Use T accounts
B) Journalize and post the adjusting entries at January 31
C) Determine the ending balance in each of the accounts
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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