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You are employed as a section manager for Gadgets & Gizmos, Inc. As part of your duties, you are required to help prepare the budgeted income statement for the section before the new fiscal year begins. You know that after the close of each fiscal year's financial reports, managers are awarded incentive bonuses. The incentive bonuses are directly based upon the excess of actual income achieved by their section over budgeted income for that fiscal period.
Problem 1: Tell us (a) about an ethical conflict that you might have while assisting with the budget preparation, and (b) how the outcome of that ethical conflict could ultimately do harm to employees, customers or the company as a whole.
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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