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Business, 03.03.2022 15:20 treaustin6978
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 millions.
a. Issued common stock to investors for $15.4 cash (example).
b. Purchased $1,623.6 of additional inventory on account.
c. Paid $34.1 on long-term debt principal and $2.6 in interest on the debt.
d. Sold $2,382 of products to customers on account; cost of the products sold was $1,452.6. (Hint: There are two separate effects needed for (d): one for earning revenue and one for incurring an expense.)
e. Paid cash dividends of $25 to shareholders.
f. Purchased for cash $33.4 in additional property, plant, and equipment.
g. Incurred $715.6 in selling expenses, paying three-fourths in cash and owing the rest on account.
h. Earned $0.5 of interest on investments, receiving 80 percent in cash.
i. Incurred $43 in interest expense to be paid at the beginning of next year.
Required:
For each of the transactions, write down the tabulation, indicating the effect (+ for increase and - for decrease) of each transaction.
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Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather acce...
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