Fob shipping point 1/10 net 30
WebStudy with Quizlet and memorize flashcards containing terms like May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice., 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30., 6. Sold merchandise on … WebMar 26, 2024 · As it was FOP shipping point the freight are our duty as the transfer of posesion occur when they leave it in port ... 450 = 7,200 x 1% discount = 72. net 7,200 - …
Fob shipping point 1/10 net 30
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Weba.$8,100 $600 FOB shipping point, 1/10, n/30 b.3,050 600 FOB destination, 2/10, n/30 Returns and Allowances $1,700 750 ... Transactions for Buyer and Seller Sievert Co. sold merchandise to Vargas Co. on account, $5,450, terms 2/15, n/30. The cost of merchandise sold is $3,270. Assume all discounts are taken. Webaccounting. Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $620,000, and the sales mix is 40% bats and 60% gloves. The unit selling price and the unit variable cost for each product are as follows: Products. Unit Selling Price.
WebExpert Answer. Computation for the first part is as under:Part 1sales on a …. View the full answer. Transcribed image text: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,200. … WebThe terms FOB shipping point and FOB destination have significance in accounting because they determine the following: When a sale of goods and the related receivable …
Web1. 1. 1. Compute CollegePak's break-even point in sales dollars for the year. 2. 2. 2. Compute the number of sales units required to earn a net income of $ 180, 000 \$ 180,000 $180, 000 during the year. 3. 3. 3. CollegePak's variable manufacturing costs are expected to increase by 10 10 10 percent in the coming year. Compute the firm's break ... WebNet income plus operating expenses is equal to a. cost of goods sold b. cost of merchandise c. sales ... June 5. Paid cash for insurance, $300.00. C2. 9. Bought supplies on account from Bayside Supplies,$700.00. M1. 10. Paid cash on account to Bayside Supplies, $400.00. C3. Journalize the transactions continuing on the next blank line of page 1 ...
WebThe arrangements between buyer and seller as to when payments for merchandise are to be made are called credit terms net cash cash on ... Finance Test 1. 31 terms ... accounting. Salon Company originally issued 4,000 shares of $10 par value common stock for$120,000 ($30 per share). Salon subsequently purchases 400 shares of treasury stock for ...
Web1. On April 5, purchased merchandise from Cullumber Company for $28,600, terms 4/10, n/30. 2. On April 6, paid freight costs of $580 on merchandise purchased from Cullumber Company. 3. On April 7, purchased equipment on account for $32,000. 4. On April 8, returned $3,500 of April 5 merchandise to Cullumber Company. 5. earth sick colonists surviving marsWebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? sales tax … ctpat and aeo security programsWebSep 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. … earth show gas stationsWeb685. Cost of goods sold = Beginning inventory + Inventory purchased - Ending inventory = $210 + $635 - $160 = $685. A sales invoice included the following information: merchandise price, $5,300; terms 1/10, n/eom; FOB shipping point with prepaid freight of $589 added to the invoice. Assuming that a credit for merchandise returned of $1,100 is ... earth siblingsWebNov 10, 2024 · Definition and Guide. FOB is a shipping term that stands for “free on board.”. If a shipment is designated FOB (the seller’s location), then as soon as the shipment of goods leaves the seller’s warehouse, the seller records the sale as complete. The buyer owns the product en route to its warehouse and must pay any delivery charges. earthsickWebNov 10, 2024 · FOB shipping point is a pricing term indicating the seller is responsible for the cost of the goods and the cost of delivering the goods to the buyer's designated … ctpat antecedentesWebOrange Co. sold Red Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,955. Orange Co. prepaid the $248 shipping charge. Using the perpetual inventory method, which of the following entries will Red Co. make if … earthside