Johnson Corporation (a U.S. company) began operations on December 1, 2015, 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:
The following exchange rates apply:
Required:
1. What were Sales in the income statement for the year ended December 31, 2015?
2. What was the COGS associated with these sales?
3. What is the Accounts Payable balance in the balance sheet at December 31, 2015?
4. What is the Inventory balance in the balance sheet at December 31, 2015?

Question

Johnson Corporation (a U.S. company) began operations on December 1, 2015, 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:
  The following exchange rates apply:
  Required:
1. What were Sales in the income statement for the year ended December 31, 2015?
2. What was the COGS associated with these sales?
3. What is the Accounts Payable balance in the balance sheet at December 31, 2015?
4. What is the Inventory balance in the balance sheet at December 31, 2015?

Quizplus · Accepted Answer

The Answer of Johnson Corporation (a U.S. company) began operations on December 1, 2015, 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:
  The following exchange rates apply:
  Required:
1. What were Sales in the income statement for the year ended December 31, 2015?
2. What was the COGS associated with these sales?
3. What is the Accounts Payable balance in the balance sheet at December 31, 2015?
4. What is the Inventory balance in the balance sheet at December 31, 2015?

Johnson Corporation (A U