Fob shipping point question and answer
WebFOB shipping point: FOB stands for Free On Board and refers to a shipping term indicating that the buyer takes ownership of the goods at the point of shipment.FOB … WebSee Answer Question: Alpha Company bought inventory from Omega Company, FOB shipping point on December 31, the last day of the accounting year, the goods were on a truck owned by Theta, Inc., exactly halfway between Alpha and Omega Which company should include these goods in its December 31 inventory Show transcribed image text …
Fob shipping point question and answer
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WebQuestions and Answers from Chegg. can be a difficult subject for many students, but luckily we’re here to help. Our question and answer board features hundreds of experts … WebNov 15, 2024 · Question thumb_up 100% On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 200,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 22.4955 …
WebQuestions and Answers from Chegg can be a difficult subject for many students, but luckily we’re here to help. Our question and answer board features hundreds of experts waiting to provide answers to your questions. You can ask any question and get expert answers in as little as two hours. WebAnswer the following ten multiple choice questions: 1) A company purchased merchandise for $4,000, 2/10, n30, FOB shipping point. The cost for freight: a) will be an additional charge to...
WebQ: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for… A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000 Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business… A: Formula: Cash discount: Goods sold on credit base. WebNet Income Impact: Sold merchandise to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Decreases $800 Net Income Impact: The …
WebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand …
WebAccounting questions and answers April 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,090. 8 Returned damaged merchandise to Ayayai received a credit of $3,700. list of qualifying degrees nasaWebAccounting questions and answers Transportation costs for inventory purchase, FOB shipping point, should be entered as follows: Debit Cost of Goods Sold for the purchaser. Debit Delivery Expense for the purchaser. Debit Inventory for the purchaser. Debit Transportation Out for the purchaser. list of qsrsWebWhat is Fob Shipping Point? In business, a fob shipping point is a term used to describe the transfer of ownership of goods during transit. It is an agreement made between two … list of qualified materials aldotWebfob shipping point Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a debit to inventory On September 4, Real Housewares has $16,500 in sales, with customers paying $10,750 in cash and the remainder on account. Real Housewares purchased the goods for $4,800. imi spring hill tnWebA car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs. list of qualified donees craWebFOB shipping point Question 1/ Which of the following feature/s related to FOB shipping point under shipping terms, except? a. Title and control of the goods the moment the carrier signs the bill of lading with the buyer b. Buyer assumes risk of transportation and is entitled to route the shipment c. imis report writerWebFOB stands for free onboard. Free on Board is the shipping cost that the buyer or the selling incurs when transferring the goods. Every time there is a sale of goods, there … i miss 2007 lyrics