Fob shipping point 1/10 net 30

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August undefined, 2024

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. 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 - …

Solved Pierce Company sold merchandise to Stanton Company on - Chegg

WebAssume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Cash Accounts Payable (2) 150 (3) 1,980 (1) 13,860 (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. Purchased merchandise on account net of discount. 2. Paid freight. 3. Web685. 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 ... can coconut oil grow mold

Solved 23) If merchandise is sold on account to a company - Chegg

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. WebPierce 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 … WebMay 26, 2024 · FOB Shipping Point or ‘Free on Board Shipping Point’ or ‘FOB Origin’ is a shipping term indicating that a buyer must pay for the delivery of the goods. This means that the title of the goods passes to … can coconut oil go on your face

Solved Determine the amount to be paid in full settlement of - Chegg

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WebANSWER (a) MERCHANDISE - RETURNS AND ALLOWANCE $4,500 - $1,200 = $3,300 THEN …. Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Returns and Allowances Freight Paid Merchandise by … 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 ... can coconut oil cook at high temperaturesWebThe 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 ... can coconut oil be used instead of shortening

"WebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $600. Pierce prepaid the $70 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $70; Sales, credit $70 " - Fob shipping point 1/10 net 30

Fob shipping point 1/10 net 30

Solved Question Content Area Pierce Company sold to Stanton

WebAccounting questions and answers. Complete the journal entries below. terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, July1 Purchased merchandise from Boden Company for $6,000 under credit FOB shipping point, invoice dated July 2.

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WebQuestion: 23) If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) … WebMar 26, 2024 · Merchandise Freight Paid by Seller Freight Terms Returns and Allowances (a) $4,500 $140 FOB shipping point, 2/10, net 30 $1,200 (b) $7,650 $200 FOB destination, 1/10, net 45 $450 a. $ b. $ See answers Advertisement TomShelby Answer: a $ 3,094 b $ 7, 128 Explanation: Nominal 4,500 - 1,200 return = 3,300 net

WebSep 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. … 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.

WebFOB Shipping Point, 1/10, net 30: $1,200 : b. $12,600 : $65 : FOB Destination, 2/10, net 45: $2,800 : a.$ b.$ Expert Answer. Who are the experts? Experts are tested by Chegg as specialists in their subject area. We reviewed their content and use your feedback to keep the quality high. 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 ...

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. …

WebNov 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. can coconut oil help grow lashesWebFOB shipping point, 1/10, n/30: $20,100: b. 147,700: 2,100: FOB destination, 2/10, n/30: 11,400: 2-Determine the amount to be paid in full settlement of each of two invoices, (a) … fishman attenixWebThe 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 … fishman attorneyWeba.$90,000, $1,000, FOB shipping point, 1/10, n/30, $15,000 b.$110,000, $1,575, FOB destination, 2/10, n/30 8,500 a. $75,250 b. $99,470 Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. can coconut oil help lighten your lip colorWebFOB Shipping Point, 2/10, net 30: $1,200 (b) $7,650: $200: FOB Destination, 1/10, net 45: $450: Expert Answer. Who are the experts? Experts are tested by Chegg as specialists … can coconut oil help heal woundsWebMerchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $22,500. What is the amount of sales discount allowable? $450 Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,106. The retailer receives a 28% trade discount and credit terms of 2/10, n/30. fishman audio productsWebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand for freight. In any case, the meaning for the user is the same. It indicates … can coconut oil heal gum disease