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Question - You are the catering manager for Best Banquets, Inc. and you have just met with a brand new client, Jamie from Capital City Financial Group. Jamie would like to hold a corporate lunch and meeting at Best Banquets next month for 75 people. You do BEO (banquet events order) and determined that the event should be priced at a total of $2950 plus tax. This price includes the room set up fee and equipment rental of $350, a $200 cleaning fee, the $20 per person charge for lunch, the $7 per person beverage service charge, and the $5 per person dessert charge. You wrote up the contract and emailed it to Jamie. Three days later, you realized that you forgot to add the surcharge of 18% to her contract. After a quick calculation, you realize this was a $531 error. You are very excited to have a new client, but you are not sure how she would react to your mistake. What and how would you approach this situation? What would you communicate to Jamie and why?
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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