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

question 90

Essay

Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year,June 30,2019.Johnson has provided the following trial balances as of June 30,2019:
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.

---

Definitions:

Water Transport

The movement of water and solutes across a plant, from roots to leaves, through the xylem and phloem, essential for nutrient distribution and photosynthesis.

Ionic Bond

A chemical bond formed between two ions with opposite charges through the transfer of electrons from one atom to another.

Hydrogen Bond

A feeble attachment formed between two molecules due to the electrostatic pull between a proton in one molecule and an atom with a high affinity for electrons in the other.

Covalent Bond

A covalent bond is a chemical bond formed when two atoms share one or more pairs of electrons, strongly binding them together in a molecule.