Answered: Once arrived at port of Le Havre, the…

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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Question

Exquisite Exports inc. based in St-Jérôme, QC sells products to Total S.A. in Paris, France, under the following terms:

Terms of sale: CPT, port of Le Havre, Incoterms 2020

20 wooden pallets with Maple syrup loaded in on 40-ft ocean container

Terms of delivery: ocean freight

Terms of payment: open account, net 60 days

Once arrived at port of Le Havre, the shipment is delayed at French customs authority due to clearance problems. Storage charges amounts to 400 euros. Who is responsible to pay?

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