Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer. : The corporation having the goods in transit in its inventory.

Question

Want to see the full answer?

Answer 1

Question

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

None

Waiting for your solution general Accounting

Ans?? Financial accounting

Answer 2

Question

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Answer 6

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

Answer 7

Chapter 5, Problem 1E

1.

To determine

Introduction: Sales on FOB destination basis means the goods remain the property of the seller till the time it reaches the destination of the buyer. All the risk and rewards related to transit is borne by the seller. However, Sales on the FIB shipping point means the property in goods are transferred to the buyer as soon as the goods are dispatched to the buyer.

: The corporation having the goods in transit in its inventory.

Answer 8

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Answer 9

2.

To determine

Introduction: Consignment sales refer to the transfer of goods by the person (consignor) to another person (consignee) with the objective of selling the same on behalf of the consignor and the goods will remain the property of consignor till it is finally sold.

Name of consignor and consignee and the party in whose books inventory shall be included.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from marvel company...Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from Marvel company...Ch. 5 - Periodic: A company reports the following...Ch. 5 - Prob. 6MCQ Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ

Solution Summary: The author explains that sales on FOB destination basis means the goods remain the property of the seller until it reaches the buyer's destination.

Videos

Want to see the full answer?

Chapter 5 Solutions