Determine the amount to be paid or collected as may be the case, applying the freight terms, discounts and transportation arrangement.thank you! Legend: MDSE (means merchandise)TransportationFreight TermsCredit TermsAmountTransportatiReturnedAmount to beArrangementon CostsMDSEpaid/collected(round off tonearest peso)Freight PrepaidFreight CollectFreight CollectFreight PrepaidFreight CollectFreight PrepaidFreight PrepaidFreight CollectFreight PrepaidFreight Collect2/10, n/30 less:10%2/10, n/201. FOB Destination2. FOB Shipping Point3. FOB Destination4. FOB Shipping Point180,0006,00010,000120,0004,00012,000COD60,0002,500-0-2/15, n/302/10, n/30 less:8%70,0003,5008,0005. FOB destination150,0005,50012,0006. FOB Shipping Point7. FOB destination8. FOB Shipping Point9. FOB Destination10. FOB Shipping PointCOD20,0001,0002,0001,500-0-2/5, n/202/10, n/30COD, less: 5%40,0004,00030,0007,00075,00010,0004,500-0-COD1,000-0-Note: Assumed that if the terms has a trade discount the amount is stated at list price also the returned is stated at list price.Assumed further that for credit terms, all are paid or collected within the discount period.

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Answered: Freight Terms Transportati Returned on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When the buyer pays the freight costs, the entry to record the payment under a perpetual inventory system would include a debit to _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense
In deciding whether to accept a special order, freight charges paid by the buyer are relevant. a) True b) False
When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?
1) Who is the shipper and carrier in this bill of lading? 2) Is this a straight bill of lading, open bill of lading, or order bill of lading? 3) Is this a freight prepaid or freight collect bill of lading? Is this a clean bill of lading? Why?
A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
• prepare a cost of goods manufactured statement • tell me if freight out is included in the computation of COGM • and if purchases discounts & purchases returns and allowances are included too in the computation of COGM, specifically if it will be deducted to the purchases material • also, is there a manufacturing overhead?
Deciding whether to record a sale when the order for services is received or when the services are performed is an example of a :- a. classification issue. b. valuation issue. c. recognition issue. d. communication issue. e. none of the above
When the transportation charges are paid by the seller, merchandise is shipped a. FOB destination b. FOB shipping c. FOB carrier d. Prepaid
The amount recorded for net cost of purchases includes all of the following EXCEPT: Purchase discounts. Freight costs paid by the seller. Returns and allowances. Freight costs paid by the buyer.
Freight on Board (FOB) shipping point requires that the seller pays the shipping cost.. True or False
Who is responsible for the freight cost when the terms are FOB destination? Please explain with full explanation. a. the seller b. the buyer c. the customer d. either the buyer or the seller
If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the carrier will bear the freight cost. ● Inventory account will be increased. O O O seller will bear the freight cost. Inventory account will not be affected.

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