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Problem 1: A department stores purchases inventory for $30,000 in 2019. They sell the inventory to their customers in 2020 for $55,000. The department store uses accrual-basis accounting. Based on the preceding information
a. What is the amount of the department store's cost of goods sold in 2019? b. What is the amount of the department store's cost of goods sold in 2020?
Problem 2: A company president works the last week in December 2019, but her salary of $5,000 for that week is paid to her at the end of the first week in January 2020. The company uses accrual-basis accounting. Based on the preceding information
a. How much salary expense is incurred (recorded) by the company in 2019?b. How much salary expense is incurred (recorded) by the company in 2020?
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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