Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year, June 30, 2016. Johnson has provided the following trial balances as of June 30, 2016: Required:
A.Reconstruct the adjusting entries and prepare a brief explanation of each.
B.What is the amount of net income?
C.Calculate earnings per share (EPS) assuming 1,000 shares of common stock are outstanding.

Question

Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year, June 30, 2016. Johnson has provided the following trial balances as of June 30, 2016:  Required: 
A.Reconstruct the adjusting entries and prepare a brief explanation of each.
B.What is the amount of net income?
C.Calculate earnings per share (EPS) assuming 1,000 shares of common stock are outstanding.

Quizplus · Accepted Answer

The Answer of Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year, June 30, 2016. Johnson has provided the following trial balances as of June 30, 2016:  Required: 
A.Reconstruct the adjusting entries and prepare a brief explanation of each.
B.What is the amount of net income?
C.Calculate earnings per share (EPS) assuming 1,000 shares of common stock are outstanding.

Johnson Corporation Is Completing the Accounting Information Processing Cycle at the End