Fob shipping point question and answer

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August undefined, 2024

WebAnswer the following ten multiple choice questions: 1) A company purchased merchandise for $4,000, 2/10, n30, FOB shipping point. The cost for freight: a) will be an additional charge to... WebTranscribed Image Text: A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional …

Answer the following ten multiple choice questions: 1) A …

WebExpert Answer 1st step All steps Final answer Step 1/2 FOB shipping point: FOB stands for Free On Board and refers to a shipping term indicating that the buyer takes ownership of the goods at the point of shipment. WebFOB stands for free onboard. Free on Board is the shipping cost that the buyer or the selling incurs when transferring the goods. Every time there is a sale of goods, there … dhathri ayurveda

Solved Define the following accounting terms: 3.1 FOB - Chegg

WebQ: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for… A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000 Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business… A: Formula: Cash discount: Goods sold on credit base. WebThe terms were FOB shipping point. Costs incurred by the entity in connection with the purchase and delivery of the goods were as follows: Normal freight charge ₱ 3,000 Handling cost ₱ 2,000 Insurance on shipment ₱ 500 Abnormal freight charge for express shipping ₱ 1,200 The goods were received on December 18, 2024. WebAccounting questions and answers Rizio Company purchases a machine for $9,600, terms 1/10,n/60, FOB shipping point. Rizio paid within the discount period and took the $96 discount. Transportation costs of $217 were paid by Rizio. The machine required mounting and power connections costing \$664. dhathri daily hair oil

Rizio Company purchases a machine for $9,600, terms - Chegg

Differentiate between FOB shipping point and FOB …

WebQuestion: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,700. What is the amount of sales discount allowable? a.$211 b.$148 c.$202 d.$414 Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,700. WebAccounting questions and answers April 3 Purchased merchandise from Ayayai Ltd. for $25,300, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $690 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,090. 8 Returned damaged merchandise to Ayayai received a credit of $3,700. dhathri reddyWebFOB shipping point and freight prepaid Question 3 Transcribed Image Text: Problem 4-3 (ACP) Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amounted to P10,000. The account was collected within the discount period. dhathri hair oil reviews

"WebNov 30, 2024 · FOB shipping point and FOB destination indicate the point at which the title of goods transfers from the seller to the buyer. The distinction is important in specifying who is liable for... " - Fob shipping point question and answer

Fob shipping point question and answer

Financial Accounting Exam 2 Flashcards Quizlet

WebIf required, round the answers to the nearest dollar. a. S b. S EXT OF ANG Merchandise $8,350 3,900 8,783 X 3,861 X Maps Feedback Chark 3 Minule x C Freight Paid by Seller R1001-PC-240- $600 lo 400 Freight Terms FOB shipping point, 2/10, n/30 FOB … WebNov 15, 2024 · Question thumb_up 100% On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 200,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 22.4955 …

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WebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand … WebSee Answer Question: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,200. Pierce prepaid the $216 shipping charge. Which of the following entries does Pierce make to record this sale? a.

WebAccounting questions and answers Rizio Company purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $250 discount. Transportation costs of $360 were paid by Rizio. The machine required mounting and power connections costing $895. WebQuestions and Answers from Chegg. can be a difficult subject for many students, but luckily we’re here to help. Our question and answer board features hundreds of experts …

WebSep 23, 2024 · With the FOB shipping point, the buyer takes the responsibility for lost or damaged goods and freight. Under the FOB destination — it’s the seller’s responsibility. … WebQuestions and Answers from Chegg can be a difficult subject for many students, but luckily we’re here to help. Our question and answer board features hundreds of experts waiting to provide answers to your questions. You can ask any question and get expert answers in as little as two hours.

WebAccounting questions and answers Transportation costs for inventory purchase, FOB shipping point, should be entered as follows: Debit Cost of Goods Sold for the purchaser. Debit Delivery Expense for the purchaser. Debit Inventory for the purchaser. Debit Transportation Out for the purchaser.

WebSee Answer Question: Alpha Company bought inventory from Omega Company, FOB shipping point on December 31, the last day of the accounting year, the goods were on a truck owned by Theta, Inc., exactly halfway between Alpha and Omega Which company should include these goods in its December 31 inventory Show transcribed image text … dhathri hair oil is good or badWebA car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs. dhathri residency begur roadWebFOB shipping point Question 1/ Which of the following feature/s related to FOB shipping point under shipping terms, except? a. Title and control of the goods the moment the carrier signs the bill of lading with the buyer b. Buyer assumes risk of transportation and is entitled to route the shipment c. dhathri hair oil side effectsWebNov 10, 2024 · FOB shipping point is a term used in the transportation industry to indicate who is responsible for the costs associated with the shipment of goods. For … cif newcom productions slWebWhat is Fob Shipping Point? In business, a fob shipping point is a term used to describe the transfer of ownership of goods during transit. It is an agreement made between two … dhathri hair oilWebNet Income Impact: Sold merchandise to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Decreases $800 Net Income Impact: The … dhathri hair oil reviewWebUnder FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) + applicable freight. dhathri website