Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Hush Puppies, Wolverine, Merrell, Stride Rite, and Bates, to a global market. The following transactions occurred during a recent year. Dollars are in thousands. a. Issued common stock to investors for $14,083 cash (example). b. Purchased $878,418 of additional inventory on account. c. Borrowed $11,000. d. Sold $1,409,068 of products to customers on account; cost of the products sold was $852,316. e. Paid cash dividends of $22,737. f. Purchased for cash $19,397 in additional property, plant, and equipment. g. Incurred $386,540 in selling expenses, paying three-fourths in cash and owing the rest on account. h. Earned $370 interest on investments, receiving 90 percent in cash. i. Incurred $1,395 in interest expense to be paid at the beginning of next year. Required: For each of the transactions, complete the tabulation, indicating the effect (+ for increase and – for decrease) of each transaction. (Remember that A = L + SE; R – E = NI; and NI affects SE through Retained Earnings.) Write NE if there is no effect. The first transaction is provided as an example.

"Get 15% discount on your first 3 orders with us"
Use the following coupon

Order Now