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Problem 1: Transaction Analysis - Based on the accounting equation, for each transaction below indicate
(i) which balance sheet accounts of the company are adjusted and
(ii) whether each account involved increases or decreases as a result of the transaction.
a. A company sells (and delivers) goods to a customer for cash (ignore the effect on cost of goods sold). b. A company records cost of goods sold. c. A company pays employee wages in cash for work the employees have just completed.d. A company sells (and delivers) goods to a customer on account (i.e., a credit sale) (ignore the effect on cost of goods sold). e. A company receives cash from their customers for sales the company previously made to the customers on account.f. A company pays the bank cash for interest on the company's loan from the bank (assume the interest was not previously accrued/recorded).g. By the end of the year, some of the company's prepaid insurance has expired.
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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