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The items and amounts below were taken from Cravex Company's 2021 financial statement.
Cash 90,800
Accounts receivable 91,000
Retained earnings 124,300
Sales revenue 590,200
Cost of goods sold 436,400
Notes payable 6,500
Salaries and wages expense 118,600
Accounts payable 56,400
Prepaid insurance 8,100
Service revenue 4,900
Inventory 65,000
Interest expense 1,870
Question 1: Draw up an income statement for Crane Company for the year ended December 31, 2021.
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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