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CASE - You are the auditor of Bangholme Pty Ltd (Bangholme), a wholesaler of books. Bangholme's financial year ended on June 30th 20X1. Your audit report was signed on July 22nd 20X1, and the financial statements were due to be issued on August 26th 20X1. On July 31st 20X1, you became aware that, two weeks earlier, a major debtor of Bangholme went into receivership. The debtor's problem arose as a consequence of an uninsured loss from a fire at the beginning of that month.
Discuss the auditor's responsibilities with respect to the above event. If you believe that the auditor has a responsibility, outline the audit work that would be appropriate. Assume that management of Bangholme will accept any requests you make of it.
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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