Goods in transit are included in a purchaser's inventory:
b.At any time during transit
c.When the purchaser is responsible for paying freight charges
d.If the goods are shipped FOB destination
e.After the half-way point between the buyer and seller
Homework Answers
Goods in transit are included in a purchaser's inventory:
Multiple Choice
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...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
(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 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 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
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31.
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
TUD SUURUUUUU Murren Acre when hinnan Che Required information 30s 0:47 / 1:08 1x Knowledge Check...
TUD SUURUUUUU Murren Acre when hinnan Che Required information 30s 0:47 / 1:08 1x Knowledge Check 01 Complete each sentence by selecting the correct term using the drop-down list. Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's inventory. Items Activities Item #1 Item #2 Goods in transit shipped to Abbey (purchaser) FOB Destination Goods in transit shipped to...
1. Given the following account information, calculate net income: Sales 500,000 Beginning Inventory 200,000...
1. Given the following account information, calculate net income: Sales 500,000 Beginning Inventory 200,000 Ending Inventory 35,000 Purchases of Inventory 25,000 Selling Expenses 1,000 Administrative Expenses 6,000 Rent Income 30,000 Calculate Net Income 273,000 333,000 233,000 263,000 2. If the shipping terms are "FOB Destination", then the buyer is responsible for shipping cost The seller is responsible for shipping cost 3. If the shipping terms are "FOB shipping point", then the buyer is...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
(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 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.
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
TUD SUURUUUUU Murren Acre when hinnan Che Required information 30s 0:47 / 1:08 1x Knowledge Check 01 Complete each sentence by selecting the correct term using the drop-down list. Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's inventory. Items Activities Item #1 Item #2 Goods in transit shipped to Abbey (purchaser) FOB Destination Goods in transit shipped to...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
Most questions answered within 3 hours.
-
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 20 minutes ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 21 minutes ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 27 minutes ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 40 minutes ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 43 minutes ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 1 hour ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 1 hour ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 1 hour ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 1 hour ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 1 hour ago -
Problem 16-02
Receivables Investment
Medwig Corporation has a DSO of 45 days. The company averages
$7,250...
asked 1 hour ago -
Mr. Brown hired Lowe's Maintenance Services Limited to repair
and paint the exterior wall of his...
asked 1 hour ago