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Question - After the accountant of Strikers Ltd had prepared the financial statements for the year ended 30 June 2020, the following errors came to light:
A motor van purchased at a cost of $12,000, with accumulated depreciation at the beginning of the year of $4,000, had been depreciated at 20% using the reducing-balance method rather than the straight-line method of depreciation.
The payment of $1,500 for a trade payable had been treated as a cash purchase.
Withdrawals by the owner of $3,000 during the year had been treated as part of the salaries and wages expense.
Bank charges of $400 during the year had been treated as interest charges. What is the effect on profit of each of these errors?
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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