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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BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!
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v2.cengagenow.com Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: $ X Price of Supplier Two: X Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One Feedback Check My Work Calculate the total price for each offer, keeping in mind that the discount is deducted from the total price and the freight is added.
H1.
it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
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Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800
What about the cost of goods sold?
9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods sold