Fob shipping point question and answer
WebWhat 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 … 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 …
Fob shipping point question and answer
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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 … 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.
WebNov 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 … 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.
WebFOB 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. 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...
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... ready to eat thanksgiving dinnersWebIf 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 … ready to eat wafflesWebSee 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 … ready to eat statement fdaWebFOB 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. ready to eat tapioca pearlsWebQuestion: 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. how to take medication on a flightWebSee 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. how to take meeting minutesWebNov 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 … how to take medrol dose pack