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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stion 5 USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE DECIMAL accounts payable 15 merchandise inventory 30 +-- 22 --- 51 accounts receivable medical supplies 9 long term notes payable nursing revenue : 50 -- - 6. + - - 4 4 accumulated depreciation -blg 4 prepaid rent expense amortization expense property taxes payable building 60 pension obligation : 27 8' transportation expense 9 bonds payable 115 unearned nursing income 24 cash 1. Zorro, capital 39 depreciation expense : 18 7. Zorro, withdrawals marketable securities A Moving to the next question prevents changes to this answer. MacBook Air 3.
Multiple choice
How would Bedrock Wholesale record the October 1 transaction? a. Increase both Accounts Payable and Inventory b. Increase both Purchases and Inventory c. Increase both Accounts Payable and Inventory Expense d. Increase both Purchases and Inventory Expense e. Increase both Accounts Payable and Purchases Enter the letter that corresponds to your choice. (A B C D E) How would Bedrock Wholesale record the October 2 transaction? a. Increase both Inventory and Accounts Payable b. Increase Freight Expense and decrease Cash c. Increase both Freight Expense and Accounts Payable d. Increase both Inventory and Freight Expense e. No entry is required. Enter the letter that corresponds to your choice. (A B C D E) How would Bedrock Wholesale record the October 6 transaction? a. Decrease both Purchases and Inventory Expense b. Decrease Inventory and increase Purchase Returns c. Decrease both Accounts Payable and Inventory d. Decrease both Accounts Payable and Inventory…
Question 6. A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on 16 June. The customer paid the amount owing on 17 June. What amount will the customer pay? a) $700 b) $686 c) $685 d) $650
2 Compute the Net Income. Service Income Prepaid Rent Interest Expense Barney's drawing Php 356,867.00 16,800.00 1,523.00 21,786.00 Таxes 4,544.00 3,651.00 Utilities Expense
10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021 1. Extracted from the Pre-Adjustment Trial Balance at 30 June 2021: R Fixed deposit Inventory: Trade goods Debtors control Machinery Accumulated depreciation: Machinery Long term borrowing: Finhouse Sales Debtors allowances Cost of sales Service fee income (in respect of repair services) Rent income Interest income Salaries and wages Audit fees Directors fees Consumable stores Bank charges Travel and entertainment - Directors 2. 2.1 2.2 2.4 auditors are owed a further R28 000 in audit fees. Bank charges of R310 reflected on the June 2021 bank statement have not yet been entered in the books. 2.3 The stock count on 30 June 2021 revealed the following on hand: • Inventory: Trade goods; R202 000 • Consumable stores; R900 2.5 Adjustments and additional…
Question 3
c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).
In each category, determine if its a credit or debit?