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Problem 1: The Treasury manager at XYZ Company is targeting to make a specific amount of sales for the first three months of 2021. Based on his analysis, he expects to sell products worth $130,000 in January, $170,000 in February, and $200,000 in March. Based on their analysis, they expect to receive 50% of the amount target in the month of sale, 10% in the month following sale and 40% in the second month following sale. After the manager conducted an analysis of the cash collection, he determines that the company's target collection for March should be $225,000. Based on your answer, determine whether the target set by the manager is correct or not.
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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