On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $ 72,000 Rent expense 12,200 Postage expense 1,200 Salaries expense 20,000 Legal fees expense 2,200 Supplies expense 12,000 In addition, the balance of common stock at the beginning of the year was $155,000, and the balance of retained earnings was $28,000. During the year, the company issued additional shares of common stock for $22,000 and paid dividends of $12,000.
a. Prepare an income statement.
b. Prepare a statement of stockholders’ equity.

If a company’s employees are angry about their work, a visiting auditor may also become agitated, illustrating the power of

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

After much consideration, you have chosen cancun over ft. lauderdale as your spring break destination this year. however, spring break is still months away, and you may reverse this decision. which of the following events would prompt you to reverse this decision? a. the marginal cost of going to cancun decreases. b. the marginal cost of going to ft. lauderdale decreases. c. the marginal benefit of going to cancun increases. d. the marginal benefit of going to ft. lauderdale decreases.