The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2011. Laetner received the shipment on

Question:

The Bockner Company shipped merchandise to Laetner on December 28, 2011. Laetner received the shipment on January 3, 2012. December 31 is the fiscal year-end for both companies. The merchandise was shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if the shipment had instead been designated f.o.b. destination.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...