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.
Homework Answers
Company L will recognize the revenue on _July 27, 2018____
Because The (buyer or seller) normally pays for shipping when goods are shipped to FOB destination point.
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On July 27, 2018, Company L shipped goods to a customer FOB
destination point. The customer...
(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
(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...
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
If Inventory is sold FOB destination, the title transfers from seller to buyer: A.when the goods...
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...
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.
When merchandise is shipped FOB (free on board) Destination: Select one: O A. The buyer pays...
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
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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....
Which one of the following statements is true? O FOB destinaton means the buyer has legal...
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...
(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
(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 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.
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
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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....
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...
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