CMA Part 1 - Section A - External Financial Reporting - Review

1. On December 31, Year 1, Johnson Corporation sold on account and shipped merchandise with a list price of $75,000 to Gibsen Company. The terms of the sale were n/30, FOB shipping point. The merchandise arrived at Gibsen on January 5, Year 2. Because of confusion about the shipping terms, the sale was not recorded until January of Year 2 and the merchandise, sold at a markup of 25% of cost, was included in Johnson's inventory on December 31, Year 1. Johnson uses a periodic inventory system. As a result of the above, Johnson's income before income taxes for the year ended December 31, Year 1 was
A.
B.
C.
D.

Question 1 of 5

2. Homam Atif
A.
B.
C.
D.

Question 2 of 5

3. Homam Atif is a CPA
A.
B.

Question 3 of 5

4. Atif Abbas is a

Question 4 of 5

5. Homam is a

Question 5 of 5


 

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