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The income statement of Country Kitchen Bakeries Inc. for the current year ended June 30 is as follows:
Sales
$456,000
Cost of merchandise sold
259,000
Gross profit
$197,000
Operating expenses:
Depreciation expense
$35,000
Other operating expenses
92,400
Total operating expenses
127,400
Income before income tax
$ 69,600
Income tax expense
19,300
Net income
$ 50,300
Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:
Increase
Decrease*
Accounts receivable (net)
$10,500*
Inventories
3,500
Prepaid expenses
3,400*
Accounts payable (merchandise creditors)
7,200*
Accrued expenses (operating expenses)
1,100
Income tax payable
2,400*
Prepare the cash flows from operating activities section of the statement of cash flows, using the direct method.
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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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