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3 years ago

Below are transactions for Wolverine Company during 2021.

Business

1 answer:

Leona [35]3 years ago

7 0

Answer:

Wolverine Company

Journal Adjusting Entries:

a) Debit Deferred Revenue $1,050

Credit Rent Received $1,050

To adjust rent received for December.

b) Debit Insurance Expense $5,460

Credit Prepaid Insurance $5,460

To adjust insurance expense for the year.

c) Debit Wages & Salaries $1,100

Credit Wages & Salaries Payable $1,100

To accrue salaries for the month of December.

d) Debit Interest on Loan Account $110

Credit Interest on Loan Payable $110

To accrue interest on loan for the year.

e) Debit Supplies Expense $2,000

Credit Supplies Account $2,000

To record supplies used during the year.

Explanation:

a) Adjusting entries are end of an account period's journal entries used to accrue income or expenses that occurred but are not accurately recorded or because they do not involve actual cash flows. Adjusting entries ensure that the accrual concept and the matching principle of generally accepted accounting principles are complied with.

b) Journal entries record transactions that occur on a daily basis or at the end of the accounting period. They show the accounts to be credited or debited in the Ledger.

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3 years ago

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

stepladder [879]

Answer:

1. Net income is $441,000; and Earnings per share (EPS) is $1.47 per share.

2. Net income is $441,000; and Earnings per share (EPS) is $1.47 per share.

Explanation:

Note: This question is not complete and the data in its are merged together. See the attached pdf file for thee complete question with the sorted data.

The explanations of the answers are provided as follows:

1. Prepare a single-step income statement for 2013, including EPS disclosures. (Round EPS answers to 2 decimal places.)

Note: See part 1 of the attached excel file for the single-step income statement.

A single-step income statement refers to an income statement that reports the revenue, expenses and the profit or loss of a company by using only one equation to determine profits.

The equation of the single-step income statement can be written as follows:

Net Income = (Revenues + Gains) - (Expenses + Losses)

In the part 1 of the excel file, we have:

Net income = $441,000

Earnings per share (EPS) = Net income / Number of common shares outstanding = $441,000 / 300,000 = $1.47 per share

2. Prepare a multiple-step income statement for 2013, including EPS disclosures. (Round EPS answers to 2 decimal places.)

Note: See part 2 of the attached excel file for the multiple-step income statement.

A multi-step income statement refers to an income statement that reports the revenue, expenses and the profit or loss of a company by using multiple equations to determine profits.

These equations are given as follows:

Gross Profit = Net Sales – Cost of Goods Sold

Operating Income = Gross Profit - Operating Expense

Net Income = Operating Income + Other income (loss)

In the part 2 of the excel file, we have:

Net income = $441,000

Earnings per share (EPS) = Net income / Number of common shares outstanding = $441,000 / 300,000 = $1.47 per share

Download xlsx

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3 years ago

I am sending this message to let you know that Tuesday's meeting has been cancelled is ineffective because it contains a long le

nasty-shy [4]

Answer:

True Tuesdays meeting has been cancelled all thats needed

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3 years ago

What is John’s Gross Pay per week if he makes $10 per hour and works 38 hours per week??

RideAnS [48]

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4 years ago

A worker in Thailand can earn $12 per day making cotton cloth on a hand loom. A worker in the United States can earn $82 per day

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Answer:

The capitalization rate per worker in the US is much greater than in Thailand.

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What makes the possiblity for the US citizen to earn more for the same job is their capitalization rate. The US has a much greater capital per worker than Thailand thus, the productivity of labor is much higher.

The workers are paid based on the production rather than personal effort this means, the Thai worker may be more strong and skillfull than US worker as it does it at hand but that, is a problem for the worker as with proper equipment it will make more cloth and therefore more goods are produced more value and a higher wage hourly rate is achieved.

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3 years ago