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 the seller sends the buyer an invoice.
Homework Answers
1st QUESTION: ANSWER: Option A: when goods reach their destination
2nd QUESTON: ANSWER: Option C: when goods leave the seller's place of business
Add Answer to:
If Inventory is sold FOB destination, the title transfers from
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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
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...
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Match the accounting terms with the corresponding definitions. a. The cost of the merchandise inventory that...
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(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If...
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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
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.
Goods in transit are included in a purchaser's inventory:
a.When the supplier is responsible for freight chargesb.At any time during transitc.When the purchaser is responsible for paying freight chargesd.If the goods are shipped FOB destinatione.After the half-way point between the buyer and seller
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.
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on 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
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...
(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.
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