A Chinese company has exported a batch of goods by D/P at 90 after days. After...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A Chinese company has exported a batch of goods by D/P at 90 after days. After the bill of exchanges and shipping documents have been sent to the foreign collecting bank by the remitting bank, then the buyer has made the acceptance. However, after the goods have arrived at the destination, it happened that the market saw a rise in prices, so the payer issued a trust receipt (T/R) to the collecting bank in order to borrow the documents and take delivery of the goods. After the sale of the goods, the importer went bankrupt. Then the collecting bank notified the remitting bank about the foregoing circumstances and informed that the payment was unable to be received. Question: Should the exporter bear the losses on payment for goods? Why? (10%) A Chinese company has exported a batch of goods by D/P at 90 after days. After the bill of exchanges and shipping documents have been sent to the foreign collecting bank by the remitting bank, then the buyer has made the acceptance. However, after the goods have arrived at the destination, it happened that the market saw a rise in prices, so the payer issued a trust receipt (T/R) to the collecting bank in order to borrow the documents and take delivery of the goods. After the sale of the goods, the importer went bankrupt. Then the collecting bank notified the remitting bank about the foregoing circumstances and informed that the payment was unable to be received. Question: Should the exporter bear the losses on payment for goods? Why? (10%)
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Answer is as follow Answer No th... View the full answer
Related Book For
Accounting Information Systems
ISBN: 978-1133935940
10th edition
Authors: Ulric J. Gelinas, Richard B. Dull
Posted Date:
Students also viewed these accounting questions
-
Several complaints recently have been sent to the Gotham City police department regarding the increasing incidence of congestion on the citys streets. The complaints attribute the cause of these...
-
A Chinese company has proposed to MPB Ltd that it could produce one of the components used in the manufacturing of the speakers (component A) and supply it to MPB for 10 delivered. This price is...
-
You have been sent to India to investigate the occurrence of goiter disease attributed to iodine deficiency. As part of your investigation, you must make field measurements of traces of iodide ( I- )...
-
You name the catastrophe, and JIT has been through it and survived. Toyota Motor Corporation has had its world-renowned JIT system tested by fire. The massive fire incinerated the main source of...
-
1. Pick any two of the trends described in this chapter, and discuss how Hersheys values result in positioning the company to use those trends to its advantage. 2. Besides the mentorship program, how...
-
Arene C has the composition 90.6% carbon and 9.4% hydrogen. Its mass and 1H NMR spectra are shown below. a. b. a. Calculate the empirical formula of C. b. From the mass spectrum, find the molecular...
-
Estimate the steady-state concentration profile when a typical albumin solution is subjected to a centrifugal field of 30000 times the force of gravity under the following conditions: the cell length...
-
Following is information about Fine Furnitures direct labor hours and wages last period. Actual labor hours at the standard price per hour .... $1,680 Actual labor hours at the actual price per hour...
-
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Work in process, May 1 Cost added during May $...
-
Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 10,000 carvings to a wholesaler in a foreign country at a total cost of 600,000...
-
Determine the coordinate of the new point (image point) given each reflection below: 1. C across the x-axis 2. E across the y-axis 3. I across the x-axis 4. H across the y-axis 5. F across the x-axis...
-
The cultivation of ethical behavior is very largely a matter of developing the right character. This statement is best aligned with: (a) Deontology. (b) Utilitarianism. (c) Virtue ethics. (d) All of...
-
Which of the following is not one of the categories of rights articulated by James Sterba? (a) Action rights. (b) In persona rights. (c) Self-defense rights. (d) In rem rights.
-
Aristotle believed we are happiest when we act ethically. For Aristotle, the human telos is to comprehend the good, and so we will be happiest when we are achieving our telos. Because our ultimate...
-
List and describe the virtues that you think comprise a virtuous accountant. Discuss how these virtues may be cultivated.
-
Using a diffraction grating with 200 slits \(/ \mathrm{mm}\) to create a diffraction pattern on a screen \(2.00 \mathrm{~m}\) away from the grating, you see bright fringes \(170 \mathrm{~mm}\) apart....
-
What are the roles of government, accountancy-related industry and accounting education , academia, as well as accounting graduates in embracing the development of Internet of things (IoT) in 4th...
-
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
-
How has the technological availability and implementation of DBMSs benefited decision makers in organizations?
-
Technology Summary 9.1 seems to indicate that the business process and application control plans in this chapter cannot be relied on. Do you agree? Discuss fully.
-
Refer to the typical contents of a project completion report. Which parts of the report would be useful in performing a post-implementation review? Discuss fully.
-
In capital budgeting, a distinction has been made regarding the process of "assessment" as being distinctively different than "evaluation." What is the difference and why is it important?
-
If bond money tends to be the least expensive cost of capital, why do we bother with the WACC in project analysis? It seems like the cost of equity is hard to estimate, and maybe we are just guessing...
-
In developing a capital budgeting portfolio, there are times when a project with a lower return is squeezed in to the budget but a higher-return project is excluded. How can this be fair? Wouldn't...
Study smarter with the SolutionInn App