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Assume that you just completed a December weekend vacation to a resort within the Entertainment City in Pasay City. During your trip, you won P200,000 gambling. When the casino exchanged your chips for cash they did not record any personal information, such as your driver's license number or social security number. Four months later while preparing you tax returns for the prior year, you stop to contemplate the fact that the Bureau of Internal Revenue requires taxpayers to report all gambling winnings on Form XXX.
Problem (a) Would you report your gambling winnings to the Bureau of Internal Revenue so that you could pay income taxes on those winnings?
Problem (b) Based on your answer in (a), do you believe that your actions are ethical? 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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