Homework Answers
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When the goods are shipped FOB, shipping point, the seller first pays the freight charges, but collects those from the buyer. Hence the statement is false |
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FOB (free on board) Shipping Point means there is no charge for shipping the goods from...
FOB (free on board) destination Point means the seller is not responsible for the shipping charges....
FOB (free on board) destination Point means the seller is not responsible for the shipping charges. Select one: True False
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Which one of the following statements is true? O FOB destinaton means the buyer has legal...
Which one of the following statements is true? O FOB destinaton means the buyer has legal title to the goods while they are in transit O FOB shipping point means the seller has legal title to the goods while they are in transit. O FOB destination means the seller has legal title to the goods until they reach the buyer's place of business O FOB shipping point means the buyer acquires legal title to the goods when they reach the...
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....
If Inventory is sold FOB destination, the title transfers from seller to buyer: A.when the goods...
If Inventory is sold FOB destination, the title transfers from seller to buyer: A.when the goods reach their destination. B.when the buyer pays for the goods. C.when the goods leave the seller's place of business. D.when the seller sends the buyer an invoice. If Inventory is sold FOB shipping point, the title transfers from seller to buyer: A.when the goods reach their destination. B.when the buyer pays for the goods. C.when the goods leave the seller's place of business. D.when...
1. The abbreviation "FOB stands for (a) free on board. freight on board. free only (10) buyer. (d) freight charge o...
1. The abbreviation "FOB stands for (a) free on board. freight on board. free only (10) buyer. (d) freight charge on buyer. 2. Which one of the following would not appear on a single-step income statement? Dross profit benses o sales revenues (d) cost of goods sold 3. The credit terms offered by a company are 2/10, n/30, which means that (a) the customer must pay the bill within 10 days. the customer can deduct a 2% discount if the...
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
On July 27, 2018, Company L shipped goods to a customer FOB destination point. The customer...
On July 27, 2018, Company L shipped goods to a customer FOB destination point. The customer received the goods on August 8, 2018. Company L will recognize the revenue on _____ The (buyer or seller) normally pays for shipping when goods are shipped to FOB destination point.
When merchandise is shipped FOB (free on board) Destination: Select one: O A. The buyer pays...
When merchandise is shipped FOB (free on board) Destination: Select one: O A. The buyer pays for the shipment. O B. Title passes to buyer when merchandise is shipped. OC. Title passes to buyer when merchandise is delivered. O D. None of the above
FOB (free on board) destination Point means the seller is not responsible for the shipping charges. Select one: True False
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Which one of the following statements is true? O FOB destinaton means the buyer has legal title to the goods while they are in transit O FOB shipping point means the seller has legal title to the goods while they are in transit. O FOB destination means the seller has legal title to the goods until they reach the buyer's place of business O FOB shipping point means the buyer acquires legal title to the goods when they reach the...
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....
1. The abbreviation "FOB stands for (a) free on board. freight on board. free only (10) buyer. (d) freight charge on buyer. 2. Which one of the following would not appear on a single-step income statement? Dross profit benses o sales revenues (d) cost of goods sold 3. The credit terms offered by a company are 2/10, n/30, which means that (a) the customer must pay the bill within 10 days. the customer can deduct a 2% discount if 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
When merchandise is shipped FOB (free on board) Destination: Select one: O A. The buyer pays for the shipment. O B. Title passes to buyer when merchandise is shipped. OC. Title passes to buyer when merchandise is delivered. O D. None of the above
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