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When the Exotic Newcastle Disease (an infectious bird disease) broke out in Southern California in 2003, it could have spelled disaster for the San Diego Zoo. The zoo spent almost half a million dollars on quarantine measures in 2003. It worked: no birds got sick and the damage to the zoo's budget was minimized by a monthly budget reforecast.
The new planning process introduced a year earlier, allowed the zoo to redirect resources to ward off the disease.
The San Diego Zoo's annual static budget was behind the times before Paula Brock took over as CFO in 2001. Brock's first efforts were to link strategy to the process. Consultants believe it's a key way to improve people's involvement in budgeting.
Question 1: What is the major benefit of tying a budget to the overall goals of the company?
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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