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?
Definitions:
Entitativity
The perception or degree to which a group is seen as being a coherent, distinct, and unified entity.
Ingroup Bias
The inclination to prefer individuals from one's own group rather than from other groups.
Cohesive
Characterized by or causing unity and togetherness among individuals or elements in a group.
Social Facilitation
The tendency for people to perform differently, often better, when in the presence of others than when alone.
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