Homework Answers
Answer: C
This is “free on board” shipping. This indicates the payment of shipping charge done by the buyer but not seller. Such charge is included in the invoice price, which is made by the seller and sent to the buyer. The buyer pays the shipping charge, which reduces the invoice price; [Net invoice amount = Gross invoice amount – Shipping charge].
If there is any purchase discount, this could be availed on the net invoice amount.
Example: suppose $200 is shipping charge for a gross invoice of $3,000; the purchase discount is 2%. Therefore, Net amount = 3,000 – 200 = 2,800; and discount is 2,800 × 2% = $56.
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When a company repays the seller for shipping costs on an FOB shipping point transaction, which...
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....
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point...
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
10 Rizio Co. purchases a machine for $13,600, terms 2/10, n/60, FOB shipping point. The seller...
10 Rizio Co. purchases a machine for $13,600, terms 2/10, n/60, FOB shipping point. The seller prepaid the $307 freight charges, adding the amount to the invoice and bringing its total to $13.907. The machine requires special steel mounting and power connections costing $940. Another $443 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting $260 in damages occurred. Materials costing $40 are used in adjusting the machine to produce...
Rizio Co. purchases a machine for $14,300, terms 1/10, n/60, FOB shipping point. The seller prepaid...
Rizio Co. purchases a machine for $14,300, terms 1/10, n/60, FOB
shipping point. The seller prepaid the $323 freight charges, adding
the amount to the invoice and bringing its total to $14,623. The
machine requires special steel mounting and power connections
costing $989. Another $466 is paid to assemble the machine and get
it into operation. In moving the machine to its steel mounting,
$350 in damages occurred. Materials costing $40 are used in
adjusting the machine to produce a...
Rizio Co purchases a machine for $13,800, terms 1/10. n/60, FOB shipping point. The seller prepaid...
Rizio Co purchases a machine for $13,800, terms 1/10. n/60, FOB shipping point. The seller prepaid the $312 freight charges, adding the amount to the invoice and bringing its total to $14.112. The machine requires speci $954. Another $450 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $365 in damages occurred. Materials costing $40 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal...
Dalton Company purchased a machine for $12,000, terms 1/10, n/60, FOB shipping point. The seller prepaid...
Dalton Company purchased a machine for $12,000, terms 1/10, n/60, FOB shipping point. The seller prepaid the freight charges, $290, and sent a second invoice for the freight. Dalton took advantage of the discount on the first invoice, but the discount was not available on the freight invoice. The machine required a special steel mounting and power connections costing $825, and another $420 was paid to assemble the machine and get it into operation. In moving the machine onto its...
Dalton Company purchased a machine for $11,000 terms 2/10, 1/60, FOB shipping point. The seller prepaid...
Dalton Company purchased a machine for $11,000 terms 2/10, 1/60, FOB shipping point. The seller prepaid the freight charges, $280, and sent a second invoice for the freight. Dalton took advantage of the discount on the first Invoice, but the discount was not available on the freight invoice. The machine required a special steel mounting and power connections costing $815, and another $405 was paid to assemble the machine and get it into operation. In moving the machine onto its...
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
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....
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
10 Rizio Co. purchases a machine for $13,600, terms 2/10, n/60, FOB shipping point. The seller prepaid the $307 freight charges, adding the amount to the invoice and bringing its total to $13.907. The machine requires special steel mounting and power connections costing $940. Another $443 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting $260 in damages occurred. Materials costing $40 are used in adjusting the machine to produce...
Rizio Co. purchases a machine for $14,300, terms 1/10, n/60, FOB
shipping point. The seller prepaid the $323 freight charges, adding
the amount to the invoice and bringing its total to $14,623. The
machine requires special steel mounting and power connections
costing $989. Another $466 is paid to assemble the machine and get
it into operation. In moving the machine to its steel mounting,
$350 in damages occurred. Materials costing $40 are used in
adjusting the machine to produce a...
Rizio Co purchases a machine for $13,800, terms 1/10. n/60, FOB shipping point. The seller prepaid the $312 freight charges, adding the amount to the invoice and bringing its total to $14.112. The machine requires speci $954. Another $450 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $365 in damages occurred. Materials costing $40 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal...
Dalton Company purchased a machine for $12,000, terms 1/10, n/60, FOB shipping point. The seller prepaid the freight charges, $290, and sent a second invoice for the freight. Dalton took advantage of the discount on the first invoice, but the discount was not available on the freight invoice. The machine required a special steel mounting and power connections costing $825, and another $420 was paid to assemble the machine and get it into operation. In moving the machine onto its...
Dalton Company purchased a machine for $11,000 terms 2/10, 1/60, FOB shipping point. The seller prepaid the freight charges, $280, and sent a second invoice for the freight. Dalton took advantage of the discount on the first Invoice, but the discount was not available on the freight invoice. The machine required a special steel mounting and power connections costing $815, and another $405 was paid to assemble the machine and get it into operation. In moving the machine onto its...
FOB (free on board) destination Point means the seller is not responsible for the shipping charges. Select one: True False
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