Here is the problem:

The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:

The ending inventory balance at Dec. 31, 2020 was $280,000.

Required:

A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.

B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.

C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.

D. Prepare the closing entries as of December 31,2020

After World War II, the United States experienced a "baby boom" as birthrates rose dramatically between 1946-1964. Lower birthrates after 1965 mean that the now aging baby boom generation is larger than the generations before and after it. What effects will the aging of the baby boom generation have on the economy?

1. At the beginning of its fiscal year 2020, an analyst made the following forecast for Greenfield, Inc. (in millions of dollars):

Greenfield has a net debt of $1,950 at the end of 2019. Assume that free cash flow will grow at 4 percent per year in 2024 and 2025, after that this will grow at 5 percent per year. Greenfield had 425 million shares outstanding at the end of 2019, trading at $72.5 per share. Using a required return of 9 percent, calculate the following for Greenfield at the beginning of 2020 (You have to fill in the table below, and also show your working process):

1. The enterprise value                                                                           

[5 marks]

2. Equity value                                                                            

[2 mark]

3. Equity value per share                                                                        

[1 mark]

4. Based on your estimate, should investors buy the share of this company?

                                                                                                              [1 mark]

Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4

On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $296,000 cash and $392,000 of equipment, respectively. The partnership also assumed responsibility for a $56,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $166,000, both are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2020, Adams withdrew cash of $116,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $540,000. On June 1, 2021, Peter Williams invested $136,000 and was admitted to the partnership for a 20% interest in equity.

Required:
1. Prepare journal entries for the following dates.

a. June 1, 2020

b. November 20, 2020

c. May 31, 2021

d. June 1, 2021

2. Calculate the balance in each partner’s capital account immediately after the June 1, 2021, entry.

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows:

There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.

(Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017–2020.)

Required:
1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup’s 2019 income taxes and Alsup’s 2020 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

Record 2018,2019,2020and income taxes

lululemon athletica, Inc. in 2020: How to Respond to the COVID-19 Pandemic?

It is April 17, 2020, and the Board of Directors of lululemon athletica, Inc. has employed you as a crisis consultant to assess the company’s overall situation during the COVID-19 Pandemic and recommend a set of specific, measurable and rapid actions for the company to take to quickly restore the company to health and outstanding performance. Please prepare a report to lululemon’s board of directors that makes a list of action recommendations that the company needs to follow into order to put the company back on track in Fiscal 2021.

As of April 17, 2020, the Chief Financial Officer for lululemon has just resigned, and is leaving the company on May 8, 2020. Further, the company’s physical stores in North America, Europe, Australia, New Zealand and Malaysia are currently closed. Writing to the company’s stakeholders worldwide, Chief Executive Officer Calvin McDonald had the following to say:

The impact of Covid-19 is difficult to process as we navigate the uncertainty of the situation on a daily basis. People are the heart of lululemon, and through this period, we are committed to doing right by our teams, guests, and global communities.

Your assignment as the company’s crisis consultant is to make recommendations to ensure the success of lululemon through the crisis and to restore the company to physical and financial soundness in Fiscal 2021.
Question:
Your report should be prepared as a three page Executive Summary of Recommendations. Your recommendations should be specific and be clearly supported by your analysis of the company’s financial situation. You may supplement your 3-page summary with an appendix that contains (a) an analysis of the company’s financial statements and/or pro-forma financial projections and (b) other appendices that you consider appropriate. You may also include a table of References to sources that you use in your Executive Summary.

Notes:

• Three pages MAXIMUM for your Executive Summary of Recommendations. This three-page maximum does not include any Appendices or the Reference list.

• It is required that you cite your sources in your recommendations and provide a reference list in your appendices.

• Please use the Executive Summary template that is provided to make your report.

(Example of how to do):

Company Name> Executive Summary

Recommendations:

1.

2.

3.

Appendix

Appendix

References:

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.120 M LiOH(aq), with 0.120 M HI(aq). (a) before addition of any HI (b) after addition of 13.5 mL of HI (c) after addition of 20.5 mL of HI (d) after the addition of 35.0 mL of HI (e) after the addition of 45.5 mL of HI (f) after the addition of 50.0 mL of HI

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.130 M LiOH(aq), with 0.130 M HCl(aq).

a) before addition of any HCl

(b) after addition of 13.5 mL of HCl

c) after addition of 21.5 mL of HCl

d) after the addition of 35.0 mL of HCl

e) after the addition of 42.5 mL of HCl

(f) after the addition of 50.0 mL of HCl