Homework Answers
In case of FOB shipping customer takes delivery of goods being shipped to it by a supplier once the goods leave the supplier's shipping dock. In case of FOB shipping point it is the buyer who pays for the freight.
On the other hand FOB destination means that the customer takes delivery of goods being shipped to it by a supplier once the goods arrive at the customer's receiving dock. It is the seller who pays for the freight in case of FOB destination.
Smith Company: Total costs in case of FOB shipping point = 100 widgets * $75 per widget = $7,500
Total costs in case of FOB destination = 100 widgets * $80 per widget = $8,000
In this case FOB destination is the better option for Smith Company as the $8,000 amount will include the freight charges. Secondly if the goods are damaged in transit then Smith Company will not be responsible for it but the seller will be responsible for it.
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17) Distinguish between the terms of FOB shipping point and FOB destination. Explain who would be...
Question One Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will...
Question One Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the purchaser and a debit to Freight-out by the seller The income statement for a merchandising company presents five amounts not shown on a service company’s income statement. Identify and briefly explain the five unique amounts.
Financial Accounting Questions: Explain what is meant by FOB shipping point and FOB destination.
Financial Accounting Questions: Explain what is meant by FOB shipping point and FOB destination.
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
freight-out, fob destination, operating expenses, periodic inventory system, fob shipping point, gross profit, sales discount ,...
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
Weygandt, Financial Accounting, 9e Financial Accounting ( се Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK Matching Question 237 Match the items below by entering the appropriate code letter in the space provided. 1. An incentive to encourage customers to pay their accounts early. 4. Sales revenue less sales...
6) If goods are sold on terms FOB destination point, the A) buyer normally pays the...
6) If goods are sold on terms FOB destination point, the A) buyer normally pays the transportation costs B) seller normally pays the transportation costs C) buyer and the seller split the transportation costs D) shipping company bears the transportation cost
Which of the following describes shipping terms of FOB shipping point?
Question 6 Which of the following describes shipping terms of FOB shipping point? The purchaser is responsible for the shipping charges. The shipping charges are debited to Delvery Expense by the buyer. At the end of the year, any items in transit should be included as part of the seller's Inventory. The seller must absorb the cost of shipping the items. Question 8 Michael Corporation bought the beginning of Year 1 paying $25,000 cash and signing an interest bearing not for $50,000. The estimated useful life of...
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point.
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point. 7 Returned $800 of defective merchandise purchased on February 3 9 Paid freight bill of $100 on February 3 purchase. 10 Sold merchandise inventory on account for $4,500. Payment terms were 3/15, n/30. These goods cost the company $2,250. and the discount debt 12 Paid amount owed on credit purchase of February 3, less the return 28 Received cash from February 10 customer in full settlement of their...
More Info Wov. 4 Purchased merchandise inventory on account from Valsad Company, $6,000. Terms 3/10,n/EOM, FOB...
4 Purchased merchandise inventory on account from Valsad Company, $ 6,000. Terms 3 / 10, n/EOM, FOB shipping point.6 Paid freight bill of $ 170 on November 4 purchase.8 Returned half of the inventory purchased on November 4 from Valsad Company.10 Sold merchandise inventory for cash, $ 1,900. Cost of goods; $ 760. FOB destination.11 Sold merchandise inventory to Garfunkel Corporation, $ 10,600, on account. Terms 3 / 10, n / EOM. Cost of goods, $ 5,300. FOB shipping point.12...
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms...
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) Question 9 options: A) a debit to Accounts Payable for $2,940, a debit to Merchandise Inventory for $60, and a credit to Cash for $3,000 B)...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
Weygandt, Financial Accounting, 9e Financial Accounting ( се Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK Matching Question 237 Match the items below by entering the appropriate code letter in the space provided. 1. An incentive to encourage customers to pay their accounts early. 4. Sales revenue less sales...
6) If goods are sold on terms FOB destination point, the A) buyer normally pays the transportation costs B) seller normally pays the transportation costs C) buyer and the seller split the transportation costs D) shipping company bears the transportation cost
4 Purchased merchandise inventory on account from Valsad Company, $ 6,000. Terms 3 / 10, n/EOM, FOB shipping point.6 Paid freight bill of $ 170 on November 4 purchase.8 Returned half of the inventory purchased on November 4 from Valsad Company.10 Sold merchandise inventory for cash, $ 1,900. Cost of goods; $ 760. FOB destination.11 Sold merchandise inventory to Garfunkel Corporation, $ 10,600, on account. Terms 3 / 10, n / EOM. Cost of goods, $ 5,300. FOB shipping point.12...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
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