3 FOB and INCO Terms4 Calculate the cost based on the INCO Terms Quick Reference Chart)5 CIF (Cost, Insurance & Freight)7 Questions:1) Which costs are the Seller's responsibility?2) Which costs are the Buyer's responsibility?3) For each Buyer's cost, identify which account it will be in on either the Balance Sheet or the Incomes Statement8.9.101112 Payment to Trucking Company in US is at destination in ChicagoIncomeBalance13ResponsibilityBuyerStatementSheet14Seller15 Cost of Product16 Export Packing17 Inland Freight to Singapore Port18 Loading on Vessel19 Ocean Frt20 Days to LA21 Cargo Insurance22 Port Charges23 Distance LA-CHI24 Transp rate/mile25 Days LA to CHI26 Customs Fee27 Inventory CC %28$1,500.00$75.00$60.00$55.00$2,200.0026$125.00$110.002034$1.5030.0250.2029

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S FOB and INCO Terms Calculate the cost based on the INCO Terms Quick Roference Chart) 5 CIF (Cost, Insurance & Freight) 7 Questions: 1) Which costs are the Seller's responsibility? 2) Which costs are the Buyer's responsibility? 3) For each Buyer's cost, identify which account it will be in on either the Balance Sheet or the Incomes Statoment 8. 10 11 12 Payment to Trucking Company in US is at destination in Chicago Balance Income Responsibility Buyer 13 Statement Sheet 14 Seller 15 Cost of Product 16 Export Packing 17 Inland Freight to Singapore Port 18 Loading on Vessel 19 Ocean Frt 20 Days to LA 21 Cargo Insurance 22 Port Charges 23 Distance LA CHI 24 Transp rate/mile 25 Days LA to CHI 26 Customs Fee 27 Inventory CC % $1,500.00 $75.00 $60.00 $55.00 $2,200.00 26 $125 00 $110.00 2034 $1.50 3 0 025 0.20

S FOB and INCO Terms Calculate the cost based on the INCO Terms Quick Roference Chart) 5 CIF (Cost, Insurance & Freight) 7 Questions: 1) Which costs are the Seller's responsibility? 2) Which costs are the Buyer's responsibility? 3) For each Buyer's cost, identify which account it will be in on either the Balance Sheet or the Incomes Statoment 8. 10 11 12 Payment to Trucking Company in US is at destination in Chicago Balance Income Responsibility Buyer 13 Statement Sheet 14 Seller 15 Cost of Product 16 Export Packing 17 Inland Freight to Singapore Port 18 Loading on Vessel 19 Ocean Frt 20 Days to LA 21 Cargo Insurance 22 Port Charges 23 Distance LA CHI 24 Transp rate/mile 25 Days LA to CHI 26 Customs Fee 27 Inventory CC % $1,500.00 $75.00 $60.00 $55.00 $2,200.00 26 $125 00 $110.00 2034 $1.50 3 0 025 0.20

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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c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
In each category, determine if its a credit or debit?
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