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Questions:
1. Read the attached case about a Pennsylvania golfer who saw a sign at a course advertising a prize of a new ca hole in one on that hole. As it turned out, the offer was for a tournament that had already ended but the signs h removed. Since the golfer was unaware of that fact, saw the offer, and he subsequently made a hole in one, the the car, reasoning the circumstances satisfied all the requirements for a valid offer and acceptance.
2. Read the short dissenting opinion, which argues that making a hole in one is a fortuitous matter of luck and not the "offer" and "performance" by the golfer in making the shot was simply a matter of chance, calculated to be 1 in therefore against Pennsylvania law prohibiting gambling and a (then) illegal act.
3. Who do you think was correct? Was it the majority or the dissent? 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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