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Dave Nelson recently retired at age 48, courtesy of a very healthy stock market and numerous stock options he had been granted while president of e-shops.com, an Internet start-up company. He soon moved to Montana to follow his dream of living in the mountains and Big Sky Country. Nelson, always the entrepreneur, began a sporting-goods store shortly after relocating. The single store soon grew to a chain of four outlets throughout the sparsely populated state. As Nelson put it, " can't believe how fast we've expanded. It's basically uncontrolled growth-growth that has occurred in spite of what we've done."
Required:
Question (a) What is (are) the major issue(s) of the case?
Question (b) Explain how the CFO and managerial accounting could assist Nelson in addressing the company's problems.
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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