Wolverine Company hired a new accountant.  On December 1, 20…

Wolverine Company hired a new accountant.  On December 1, 2026, Wolverine received cash of $50,000 for services to be performed in 2027.  The new accountant recorded the following incorrect transaction:  Balance Sheet Income Statement   Cash       Retained Earnings Service Revenue   Net Income   +50,000           +50,000   +50,000       +50,000 If no transaction is recorded to correct this error, what will be the impact on Wolverine Company’s December 31, 2026, financial statements? Assets are [1] Liabilities are [2] Stockholders’ Equity is [3] Net Income is [4]  

Camp Randall Apparel Company recorded transactions for the d…

Camp Randall Apparel Company recorded transactions for the declaration and payment of dividends for $80,000, a $35,000 increase in accounts receivable for game-day apparel provided, and a purchase of inventory on account of $55,000. What net effect do these transactions have on stockholders’ equity?