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2 years ago

If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are.

Business

1 answer:

BigorU [14]2 years ago

3 0

FOB shipping point

Explanation:

FOB affects the buyer's inventory cost adding liability for shipped goods increases inventory costs and reduce net income.

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In a proposal to install and monitor a security system statements such as "our company has over 25 years of experience" should a

zmey [24]

Closing it the correct answer

4 0

3 years ago

The following is a trial balance of Barnhart Company as December 31, Year 1: Account Title: Debit Credit Cash 12,500 Accounts Re

Tanzania [10]

Answer:

The total amount of assets is 15,750.

Explanation:

Reproducing the trial balance below for clarity:

Account Title Debit Credit

Cash 12,500

Accounts Receivable 3,250

Accounts Payable 2,800

Common Stock 6,600

Retained Earnings 4,500

Service Revenue 7,450

Operating Expenses 5,100

Dividends 500

Total 21,350 21,350

Calculation of Total Assets:

Total assets = Cash + Accounts Receivable

= 12,500 + 3,250

= 15,750

Note that among the given accounts, accounts cash and accounts receivable are assets; accounts payable is a liability; common stock and retained earnings are part of the capital; service revenue is a form of revenue; while operating expenses and dividends are expenses.

7 0

3 years ago

On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of

Lisa [10]

Explanation:

The journal entries are as follows

Merchandise Inventory A/c $254,500

To Accounts payable A/c $254,500

(Being merchandise purchased on credit)

Account payable Dr $30,000

To Merchandise inventory $30,000

(Being the merchandise returned is recorded)

Account payable Dr $224,500 ($254,500 - $30,000)

To Cash $224,500

(Being the payment of the invoice is recorded)

7 0

3 years ago

Welfare economics is the study of a. taxes and subsidies. b. how technology is best put to use in the production of goods and se

const2013 [10]

Answer:

The answer is b) how technology is best used in the production of goods and services

Explanation:

The concept of welfare economics is used in the context of the Economy and public finances. It is defined as the branch of the economy that tries to determine the conditions that are needed to reach the maximum of social welfare. For this, the conditions are established to maximize production with a given amount of resources and optimization of the distribution of goods and services, analyzing the policies pursued in the achievement of goals that are considered desirable from the point of view of well-being.

7 0

3 years ago

Identifying the Appropriate GAAP. (LO15-1, LO15-3) Section A lists a number of reporting requirements for colleges and universit

Serggg [28]

Answer: Please refer to Explanation.

Explanation:

The Government Accounting Standards Board (GASB) is an NGO that oversees the formulation of the Generally Accepted Accounting Principles (GAAP).

The Financial Accounting Standards Board (FASB) does the same as well and is also an NGO.

The difference between the above 2 is that the whilst the GASB caters for Government organisations, the FASB caters for private Organizations.

Classifying the above we have,

1. Patents are classified as capital assets. GASB STANDARD.

2. Sidewalks are classified as land improvements. FASB STANDARD

3. Revenues and expenses must be categorized as operating and nonoperating. GASB STANDARD.

4. Tuition and fees must be shown net of any estimated uncollectible amounts. Both a GASB and an FASB STANDARD.

5. Expenses must be reported by program and support (management and general, and fund-raising) function classifications. FASB STANDARD.

6. Statement of cash flows must be prepared using the direct method. GASB STANDARD.

7. The purchase of a building is reported as an investing activity on the statement of cash flows. FASB STANDARD.

8. The receipt of student deposits for housing is reported as a liability, Deposits Held in Custody for Others. Both GASB and an FASB STANDARD.

9. The cash from a debt issuance is reported in the capital and related financing activities section on the statement of cash flows. GASB STANDARD.

10. The collection of historical first editions can be reported as a note rather than on the face of the financial statement provided certain conditions are met. Both a GASB and an FASB STANDARD.

7 0

3 years ago