The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:

200,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%.

Required:
1. Prepare a single-step income statement for 2018, including EPS disclosures.
2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

1-800-Got Junk? is a junk removal franchise business headquartered in Vancouver, British Columbia, Canada. In late 2003, Got Junk entered a franchise agreement with Millenium Asset Recovery Inc. The agreement stated that the franchisee, Millennium, would pay a percentage of its gross revenue to Got Junk on every junk removal job it performs. In 2007, Got Junk terminated Millennium’s franchise on the grounds that Millennium deliberately had not reported certain jobs and the gross revenue derived from such jobs. Was Got Junk right in terminating the agreement? Why or why not? [1-800-Got Junk? LLC v. Superior Court (Millennium Asset Recovery, Inc.), Cal.App.4th, Second Dist., Div. Three. (2010).]

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 2,650,000 Interest revenue 86,000 Loss on sale of investments 25,500 Cost of goods sold 1,250,000 Loss from write-down of inventory due to obsolescence 260,000 Selling expenses 360,000 General and administrative expenses 180,000 Interest expense 85,000 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2018, including EPS disclosures. 2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

The following information relates to YogaGuru for the year ended 30 June 2020.

Required: Prepare an Income Statement , a fully classified Balance Sheet in narrative format and a Statement of Changes in Equity for the year ended 30 June 2020 for YogaGuru.

Income Statement:

Fully narrative Balance Sheet:

Statement of Changes in Equity

Brief Exercise 19-10 Performance-based options [LO19-2]

On October 1, 2018, Farmer Fabrication issued stock options for 280,000 shares to a division manager. The options have an estimated fair value of $5 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 2% in four years. Suppose that Farmer initially estimates that it is not probable the goal will be achieved, but then after one year, Farmer estimates that it is probable that divisional revenue will increase by 2% by the end of 2020.

Required:

1. What is the revised estimate of the total compensation?
2. What action will be taken to account for the options in 2019?
3. Prepare the journal entries to record compensation expense in 2019 and 2020.

A producer of plastic mugs is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary location being considered will have fixed costs of $12,000 per month and variable costs of 60 cents per unit produced. Each item is sold to retailers at a price that averages 82 cents. (please Show work)

a) What sales volume per month is required in order for the producer to break even? b) What profit would be realized on a monthly volume of 54,000 units?

c) What volume is needed to obtain a profit of $19,000 per month?

d) What volume is needed to provide a revenue of $35,000 per month?

e) Plot the total cost and total revenue lines.

Sabel Co. purchased assembly equipment for $780,000 on January 1, Year 1. The equipment is expected to have a useful life of 260,000 miles and a salvage value of $26,000. Actual mileage was as follows: Year 1 72,000 Year 2 69,000 Year 3 58,000 Year 4 49,000 Year 5 16,000 Required Compute the depreciation for each of the five years, assuming the use of units-of-production depreciation. Assume that Sabel earns $236,000 of cash revenue during Year 1. Record the purchase of the equipment and the recognition of the revenue and the depreciation expense for the first year in the following financial statements model. Assume that Sabel sold the equipment at the end of the fifth year for $27,200. Calculate the amount of gain or loss on the sale.

Are America's top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at row B, the annual company percentage increase in revenue, versus row A, the CEO's annual percentage salary increase in that same company. Suppose that a random sample of companies yielded the following data:

Do these data indicate that the population mean percentage increase in corporate revenue (row B) is different from the population mean percentage increase in CEO salary? Use a 5% level of significance. Find (or estimate) the P-value.

The following events apply to Gulf Seafood for the 2016 fiscal year:

1. The company started when it acquired $34,000 cash by issuing common stock.

2. Purchased a new cooktop that cost $13,600 cash

3. Earned $20,600 in cash revenue.

4. Paid $12,100 cash for salaries expense.

5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has an expected useful life of five years and an estimated salvage value of $3,200. Use straight-line depreciation. The adjusting entry was made as of December 31, 2016.

a) Record the events in general journal format AND post to T-accounts.

cash, equipment, accumulated depreciation, common stock, sales revenue, salaries expense, depreciation expense

1.  On October 1, Topper Company signs a contract to sell 1,000tie-dyed shirts for $10,000 ($10.00 each).

On October 8, 900shirts are delivered and Topper receives $9,000 cash (900 * $10)

1. Prepare the journal entry Topper Company would record to recognize revenue on October 8:

On October 15, Topper modifies the agreement to sell an additional 500 tie-dyed shitsfor $4,000 ($8.00 each * 500 shirts) which is significantly lower than Topper’s stand-alone selling price at that time.

So they still need to deliver 100from the agreement made on October 1 plus another 500for a total of 600tie-dyed flags.