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.
Homework Answers
FOB shipping point
If a shipment is designated with the term FOB shipping point, then as soon as the goods leave the seller/supplier warehouse, the title to the goods is said to be transferred to the buyer.
In other words, ownership of the goods being shipped will be transferred to the buyer as soon as the shipment of goods leaves the shipping point.
.
FOB Destination Point
If a shipment is designated with the term FOB destination point, until and unless the goods reach the buyer’s warehouse, title / Ownership to the goods will not be transferred to the buyer.
In other words, ownership of the goods being shipped will be transferred to the buyer as soon as the shipment of goods reaches the destination point.
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Financial Accounting Questions:
Explain what is meant by FOB shipping point and FOB
destination.
17) Distinguish between the terms of FOB shipping point and FOB destination. Explain who would be...
17) Distinguish between the terms of FOB shipping point and FOB destination. Explain who would be responsible to pay the freight in each case. Smith Company has the following option: It can purchase 100 widgets for $75 dollars per widget basis FOB shipping point, or it can purchase 100 widgets at $80 per widget FOB destination Which is the better option for the Smith Company? Fully explain your answer. (10 points)
(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...
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.
need a slide show and the links to the information resarch fob destination and fob shipping...
need a slide show and the links to the information
resarch fob destination and fob shipping point and make a 5 slide
powerpoint with pictures
Research the following: FOB destination FOB shipping point • Terms (ex. 1/10,n30) Assignment Requirements: Create and post a PowerPoint presentation • You must be creative by using pictures to describe how merchandise purchases flow through both an FOB destination and an FOB shipping point process. Make sure that the examples are clear enough that the...
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...
(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...
Explain the implications relating to ownership when goods are: a. In transit (FOB) Shipping Point b....
Explain the implications relating to ownership when goods are: a. In transit (FOB) Shipping Point b. In transit (FOB) Destination c. On Consignment (25 marks)
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...
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.
Which is better, FOB shipping point or FOB destinstion and why?
Which is better, FOB shipping point or FOB destinstion and why?
17) Distinguish between the terms of FOB shipping point and FOB destination. Explain who would be responsible to pay the freight in each case. Smith Company has the following option: It can purchase 100 widgets for $75 dollars per widget basis FOB shipping point, or it can purchase 100 widgets at $80 per widget FOB destination Which is the better option for the Smith Company? Fully explain your answer. (10 points)
(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...
need a slide show and the links to the information
resarch fob destination and fob shipping point and make a 5 slide
powerpoint with pictures
Research the following: FOB destination FOB shipping point • Terms (ex. 1/10,n30) Assignment Requirements: Create and post a PowerPoint presentation • You must be creative by using pictures to describe how merchandise purchases flow through both an FOB destination and an FOB shipping point process. Make sure that the examples are clear enough that the...
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: 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...
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...
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