Explain which of the following goods, which were in transit at year end, would be included in

Question:

Explain which of the following goods, which were in transit at year end, would be included in the buyer’s inventory at year end:
(a) Goods costing $10,000 with terms FOB shipping point
(b) Goods costing $12,000 with terms FOB destination.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Understanding Financial Accounting

ISBN: 978-1118849385

1st Canadian Edition

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

See More Books

Question Posted: Jun 11, 2015 08:19 AM

See More Questions

Explain the difference in the freight terms FOB shipping point and prepay and add.
Which of the following goods are scarce? a. Garbage b. Salt water in the ocean c. Clothes d. Clean air in a big city e. Dirty air in a big city f. A public library
Explain which of the following approaches to strategy formulation is more likely to generate economic profits: (a) Evaluating external opportunities and threats and then developing resources and...
(a) Write an equation describing a sinusoidal transverse wave traveling on a cord in the positive direction of a y axis with an angular wave number of 60 cm-1, a period of 0.20 s, and an amplitude of...
Web Baker was hired three years ago by the Berry Corporation to serve as CEO for the company. As part of his employment contract, the corporation had agreed to purchase his residence at FMV in the...
Godfreid Company has accounts receivable of $95,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to...
A marketed asset's price $x$ is governed by the mean reverting process where $\eta, \theta$, and $\sigma$ are positive constants and $z$ is a Wiener process. (a) Let $V(x, t)$ be a given...
The employees of Black Cat Designs are paid on a semimonthly basis. Compute the FICA taxes for the employees for the November 30, 2015, payroll. All employees have been employed for the entire...
Sandra thinks that people who have lots of friends tend to have higher happiness ratings. To see if she is correct, Sandra recruits a sample of 10 people and asks them each how many friends they...
Argon Mining plc is investigating the possibility of purchasing an open-cast coal mine in South Wales at a cost of 2.5 million which the British government is selling as part of its privatisation...
Explain what it means if a company has some of its inventory out on consignment. Who owns the goods? In other words, whose inventory would they be part of?
Describe a perpetual inventory system. Identify a type of company that might use it.
Which of the homonuclear, diatomic molecules of the second-period elements (from Li 2 to Ne 2 ) are paramagnetic? Which have a bond order of 1? Which have a bond order of 2? Which diatomic molecule...
If (21, 22, 23) R, let: 1 1 =det 12 13 2 3 4 5 6 T(1,2,3)= (1.16) (a) Expand the determinant to find a formula for T(1, 22, 23). (b) Show that equation (1.16) defines a linear transformation T: R R....
up (x). Find lim sup 818 2 (273), n 1. , where x = (-1)"+ 2cos n- 11
A pharmaceutical drug is currently undergoing testing. The three-stage FDA approval process lays out the hurdles that have to be passed for this drug to be commercially sold, and failure at any of...
For an unconstrained particle, Lagrange's equations were derived in cylindrical coordinates as d OT T R F.eR = QR, d (27) = M E3 = Q0 dt ao. d OT dt a. = Fk = Qz (a) Expand the first of these...
Using the following information and the trial balance accounts and balances in the work sheet provided, complete the work sheet. a. Expired insurance totals $520. b. Of the unearned revenue, 50% has...
On April 1, 2017 Singh had 20,000 equity shares in X Ltd. The face value of the shares were 10 each but their book value was 16 per share. On June 1, 2017, Singh purchased 5,000 more equity shares in...
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
Mishima, Inc. indicated in a recent annual report that approximately $19 million of merchandise was received on consignment. Should Mishima, Inc. report this amount on its balance sheet? Explain.
What is a product financing arrangement? How should product financing arrangements be reported in the financial statements?
What is a product financing arrangement? How should product financing arrangements be reported in the financial statements?
The Pallon Company manufactures a variety of handerated bed frames. The company's manufacturing activitiesor the current Sear follow:Manufacturing Activity Estimated Cost Cost Driver Used as...
A company's inventory records indicate the following data for the month of April: Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 8 2 0 units @ $ 3 6 = $ 2 9 ,...
How do authors employ intertextual allusions to enrich the layers of meaning in their works and establish connections across disparate literary traditions?

Explain which of the following goods, which were in transit at year end, would be included in

Question:

Step by Step Answer:

a The goods in transit at year end costing 10000 with terms FOB shipping point should be in ...View the full answer

Understanding Financial Accounting

Students also viewed these Accounting questions