Essay
Johnson Corporation (a U.S.company)began operations on December 1, 2010, when the owner contributed $100,000 of his own money to establish the business.Johnson then had the following import and export transactions with unaffiliated Mexican companies:
Required:
1.What were Sales in the income statement for the year ended December 31, 2011?
2.What was the COGS associated with these sales?
3.What is the Accounts Payable balance in the balance sheet at December 31, 2011?
4.What is the Inventory balance in the balance sheet at December 31, 2011?
Correct Answer:
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1.Sales = December 15 sale of 120,000 pe...View Answer
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