Homework Answers
Correct option is: C. Title passes to buyer when merchandise is delivered
When the merchandise is delivered to the buyer i.e reached their destination the duty of the seller finished under FOB destination and goods title transferred to the buyer
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When merchandise is shipped FOB (free on board) Destination: Select one: O A. The buyer pays...
(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...
When goods are shipped FOB Destination and the seller pays the freight charges, the buyer a....
When goods are shipped FOB Destination and the seller pays the freight charges, the buyer a. adds the freight to the cost of the merchandise b. reimburses the seller c. does not take a discount d. makes no journal entry for the freight
(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...
Under FOB destination, title to merchandise passes to the purchaser when: the sale is recorded merchandise...
Under FOB destination, title to merchandise passes to the purchaser when: the sale is recorded merchandise is shipped to the purchaser merchandise is received by the purchaser payment is made
What happens when merchandise is delivered FOB Destination? Multiple Choice The seller pays the freight cost....
What happens when merchandise is delivered FOB Destination? Multiple Choice The seller pays the freight cost. The seller pays the freight cost and records an expense. The seller records transportation-out expense. The buyer pays the freight cost.
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...
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.
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.
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
16. Ir goods in transit are shipped FOB destination a the seller has legal title to...
16. Ir goods in transit are shipped FOB destination a the seller has legal title to the goods until they are delivered b. 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 d. no one has legal title to the goods until they are delivered 17.Interest is usually associated with a accounts receivable. b. notes receivable. cdoubtful accounts d. bad debts. 18....
(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...
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...
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.
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
16. Ir goods in transit are shipped FOB destination a the seller has legal title to the goods until they are delivered b. 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 d. no one has legal title to the goods until they are delivered 17.Interest is usually associated with a accounts receivable. b. notes receivable. cdoubtful accounts d. bad debts. 18....
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