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

question 128

Essay

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.

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Definitions:

Discriminative Stimulus

A stimulus in the presence of which a particular response is reinforced, helping to differentiate it from other stimuli where the response would not be reinforced.

Operant Conditioning

A learning process in which the likelihood of a behavior is increased or decreased through reinforcement or punishment.

Reinforcement

A process in behavioral psychology that increases the likelihood of a behavior being repeated, through positive or negative stimuli.

Discriminative Stimulus

A stimulus in the environment that increases the probability of a particular behavioral response due to its association with a reinforcement or punishment.