Homework Answers
The seller has the only responsibility (and takes over the costs) to deliver cleared goods on the vessel at the named departure port. Any other shipping expense and risk, from that point onward, has to be borne by the buyer.
Thus the statement is False, as the costs are partially born by seller and partially by buyer.
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The seller is responsible for, and ultimately bears the burden of, any transportation costs incurred for...
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...
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
QUESTION 6 If goods in transit are shipped FOB destination the seller has legal title to...
QUESTION 6 If goods in transit are shipped FOB destination the seller has legal title to the goods until they are delivered. the buyer has legal title to the goods until they are delivered. the transportation company has legal title to the goods while the goods are in transit. no one has legal title to the goods until they are delivered.
Goods in transit are included in a purchaser's inventory:
a.When the supplier is responsible for freight chargesb.At any time during transitc.When the purchaser is responsible for paying freight chargesd.If the goods are shipped FOB destinatione.After the half-way point between the buyer and seller
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....
Indicate whether the following are TRUE or FALSE. _____. Sales Discounts is added to the Sales...
Indicate whether the following are TRUE or FALSE. _____. Sales Discounts is added to the Sales account when computing a company's net sales. _____. If goods are shipped FOB destination, the seller records revenue from the sale when the goods arrive at their destination when the transaction is complete. _____ Plant assets are reported on a balance sheet at their adjusted fair market value through depreciation. . _____ Canceled checks are checks the bank has paid and deducted from the...
(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...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an increase O to the cost of goods sold of the seller. O in operating expenses for the seller. O in the selling expenses of the buyer. O to a contra-revenue account of the seller. Question 10 Under the perpetual inventory system, in addition to making the entry to record a sale, a company would O make no additional entry until the end of the...
Costs of $5,500 were incurred to acquire goods and make them ready for sale. The goods...
Costs of $5,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $250. Additional necessary costs of $500 were incurred to acquire the goods. No other incentives or discounts were available. What is the buyer's total cost of merchandise inventory? Multiple Choice
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...
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
QUESTION 6 If goods in transit are shipped FOB destination the seller has legal title to the goods until they are delivered. the buyer has legal title to the goods until they are delivered. the transportation company has legal title to the goods while the goods are in transit. no one has legal title to the goods until they are delivered.
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....
(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...
Question 5 Freight costs incurred by a seller on merchandise sold to customers will cause an increase O to the cost of goods sold of the seller. O in operating expenses for the seller. O in the selling expenses of the buyer. O to a contra-revenue account of the seller. Question 10 Under the perpetual inventory system, in addition to making the entry to record a sale, a company would O make no additional entry until the end of the...
Costs of $5,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $250. Additional necessary costs of $500 were incurred to acquire the goods. No other incentives or discounts were available. What is the buyer's total cost of merchandise inventory? Multiple Choice
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