Option A | |
When goods are shipped FOB destination, the legal title in goods is with the seller until they reach the buyer's receiving dock. They should be part of sellers inventory |
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QUESTION 6 If goods in transit are shipped FOB destination 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...
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...
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...
(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...
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
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 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
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...