WebSee Answer. Question: Q2: Consider the following Statements: i. FOB shipping point means the buyer is responsible for paying the freight charges. ii. FOB destination means the seller is ultimately responsible for paying the freight charges. Which of the above statements is/are true? ii only Both the statement are false i and ii only i. WebNov 10, 2024 · FOB is a shipping term that stands for “free on board.” If a shipment is designated FOB (the seller’s location), then as soon as the shipment of goods leaves the …
Solved The term FOB shipping point means the seller pays - Chegg
WebFOB shipping point means that the buyer accepts ownership when the goods arrive at the buyer's place of business A company had a gross profit of $308,000 based on sales of $404,000. Its cost of goods sold equals $712,000 This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. WebFinal answer. PE 5-5B Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore Co. and Blue Star Co. for the sale, purchase, and payment of amount due. data collection forms speech therapy
Solved Define the following accounting terms: 3.1 FOB Chegg.com
WebSolved Question 1 (5 points) F.O.B. shipping point means Chegg.com Save 70% off your first month. For a limited time, save on Chegg Study or Study Pack subscription. Click the "got coupon?" link at Checkout and enter code CHEGGSAVE70. See terms & conditions Sign Up Business Accounting Accounting questions and answers WebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand … WebThe term "FOB Shipping Point" means The buyer pays the shipping cost. The seller pays the shipping cost. The buyer records transportation cost as an expense. The seller records transportation-out cost. This problem has been solved! You'll get a detailed solution from … data collection forms for patient care