Philips Corp

question 89

Multiple Choice

Philips Corp.is unsure how to record the following transactions:
• $60,000 of goods shipped F.O.B shipping point on December 28,2018.
• $50,000 of goods shipped F.O.B.destination point on December 31,2018.
What amount of sales related to these two transactions should Philips Corp.record in fiscal 2018?

• A)$0
• B)$50,000
• C)$60,000
• D)$110,000

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Definitions:

Nations

Large groups of people united by common descent, history, culture, or language, inhabiting a particular country or territory.

Biopiracy

The practice of commercially exploiting naturally occurring genetic material or biochemical compounds, often from developing countries, without compensating the indigenous peoples or countries.

Intellectual Property Protection

Legal measures and rights granted to creators and owners to secure and enforce their claims over their own innovations, writings, music, designs, or other types of intellectual creation.

DNA Theft

The unauthorized collection, use, or analysis of another person's genetic material without their consent, raising ethical and privacy concerns.