If a Saskatchewan-based company ships goods on September 30 to a customer in Toronto with sales terms
Question:
If a Saskatchewan-based company ships goods on September 30 to a customer in Toronto with sales terms FOB destination, do the Saskatchewan-based company include the inventory or the sale in its September financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 37% (8 reviews)
When goods are sold FOB destination their cost is removed from the inve...View the full answer
Answered By
Daulat Daga
I began mentoring when I was in High school but that was just because, I love sharing my learnings. I continued doing that till graduation. During my graduation, I was part of the National Service Scheme (NSS) which facilitates and runs self-funded schools for underprivileged children in India. I learned the value of educating the needy ones and that was one of the best experiences of my mentoring. After Graduation, I joined TESCO as a Business Analyst. Being an engineer, I am quite good at Statistics so based on the evaluation I was given projects as well as business as usuals quite early. After a year, I was mentoring 40-50 people on Statistics and analytical techniques. Analytical techniques include prescriptive, predictive and descriptive analysis along with different models like Recency Frequency Monetary (RFM), Auto-Regressive Integrated Moving Average (ARIMA), Principle Component Analysis (PCA), etc. After completing the 4 months of intensive training, like an evaluation, we gave micro-projects and 95% of the submissions were approved by the Leadership. One thing I would like to point out is whenever I would be mentoring I will ask more questions to ensure students get the concept correct.
Now I have decided to start tutoring again to high school and undergrad students as a part-time tutor so that I can earn a side income along with working on my startup. I have a firm dedication to what I do.
Looking forward to teaching more students in the future and make this world a beautiful place to live.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
Question Posted:
Students also viewed these Business questions
-
If a Chicago-based company ships goods on September 30 to a customer in Hawaii with sales terms FOB destination, does the Chicago-based company include the inventory or the sale in its September...
-
Give the journal entries on September 30 to summarize the following: 1. Materials placed into production 2. Labor costs charged into production 3. Overhead costs charged into production At Knox...
-
Give the general journal entries on September 30 to record the following: 1. Transfer of product from the Fab department to the finishing department 2. Transfer of finished goods from the finishing...
-
The data below are the calories and grams of sugar in some popular store bought cookies. Calories 143 Grams of Sugar 12 97 9 200 11 149 19 84 4 57 9 198 21
-
Fatty acids appear to stimulate insulin secretion to a much greater extent when glucose is also present. Why is this significant?
-
Shah Ltd needs a component for one of its products. It can outsource production of the component to a subcontractor who will provide the components for 20 each. Shah Ltd can produce the components...
-
Write a code to test a Gaussian pseudorandom number generator. If you do not have a canned generator available, write a generator based on the Box-Muller algorithm in Appendix I. Apply the following...
-
Condensed financial data of Arma Inc. follow. Additional information: 1. New plant assets costing $85,000 were purchased for cash during the year. 2. Old plant assets having an original cost of...
-
n Juods xi(yi - Bxi) = 0 n i=1 a) Step by step, solve for B (Hint: you may want to use the proof starting on pg 10 as your guide)
-
Carly Simmons is approached by a small sole proprietor to assist him in getting the record-keeping for the enterprise organized to firm up receivables, payables, payroll, and other taxes necessary to...
-
Great Canadian Oilchange (GCO) sells a package that combines oil change service with a parts package for $30. A customer who supplies the parts (oil and filter) is charged $20 for the service only,...
-
What are the five components of an internal control system?
-
Use the properties of integrals to verify the inequality. x cos x dx < 3 VI
-
Explain the ways in which companies can set up an onlinemarketing presence. Is it necessary for a business today to have an online presence? Why? 2. Compare and contrast the different forms of online...
-
Post a link to your favourite marketing campaign. It can be a video, a photo of a poster, an instagram handle, etc. Explain why you liked this campaign. What was effective? Would you buy or have you...
-
If f(x)=(-9)/(-13-x^(2)), what is the value of f(-7), to the nearest thousandth (if necessary )?
-
Park Hyatt Philadelphia at the Bellevue, located at Walnut and Broad in downtown Philadelphia has a capacity of 240 king rooms. Customers of Hyatt are typically either leisure travelers or business...
-
If the cost of capital is 20% and the projects are mutually exclusive, then which project or projects should be accepted?
-
Data for Rondell Company are given in E12-30. Instructions (a) Journalize the incurrence of the overhead costs and the application of overhead to the job, assuming a standard cost accounting system...
-
Record the following selected transactions for March in a two-column journal, identifying each entry by letter: (a) Received $10,000 from Shirley Knowles, owner. (b) Purchased equipment for $35,000,...
-
During 2014, Jesse Jericho Enterprises Corporation recorded credit sales of $650,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $50,000. At the end of the year, after...
-
For each transaction listed in E8-1, indicate the amount and direction (+ or ) of effects on the financial statement accounts and on the overall accounting equation. Information from E8-1, At the end...
-
During the year ended December 31, 2014, Kelly's Camera Equipment had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2014, Accounts Receivable showed a $10,000 debit...
-
Suppose a developing country currently has a GDP per capita of $1,300 and has a goal of doubling its average standard of living in 8 years. What will be the approximate annual economic growth rate...
-
In Python Compute a root of the function f(x) = x-2 using the secant method with initial guess x = 1.5 and x = 1. Choose a different initial guess and compute another root of the function f(x).
-
Given that A F = c(t)-dt+2m(t)-di where A = 5, T = /4, T = /2, In Python c(t) = cos(t) sin(t) and m(t)=sin(t) = cos(t). Use Trapezoid Method to compute the denominator of the above formula and then...
Study smarter with the SolutionInn App