Fob shipping point question and answer
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. 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.
Fob shipping point question and answer
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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. 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.
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. … 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 …
WebFOB 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.FOB … WebNet 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 …
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 …
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. song lyric imageryWebAccounting 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. song lyric inspired kitchen towelWebAnswer 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... song lyric imagesWebMay 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 … song lyric i just made you say underwearWebThe 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. song lyric inspirational quotesWebNov 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 … smallest folding manual treadmillWebWhat 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 … smallest font copy and paste