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

question 78

Essay

Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year, June 30, 2014. Johnson has provided the following trial balances as of June 30, 2014:
Required:
A. Reconstruct the adjusting entries and give 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.

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Definitions:

Orientation

A person's basic awareness of who, where, and when they are; can also refer to sexual orientation or the initial introduction to a new environment or situation.

Peripheral Vision

The part of vision that occurs outside the very center of gaze, allowing humans to perceive objects and movement outside of the direct line of vision.

Rods

Photoreceptor cells in the retina of the eye that are highly sensitive to light and enable vision in low-light conditions but do not support color vision.

Cones

Photoreceptor cells in the retina that are responsible for color vision and function best in relatively bright light.