Fob shipping cost Study guides, Class notes & Summaries

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

IDIS 240 EXAM 2 - EVAN VESTAL - SPRING 2024 GRADED A+ List Price Nationally Advertised Price Selling Price List Price - Trade Discounts = COGS + Margin or = COGS + Markup Net Price Selling price - all allowable discounts (cash discounts), equal to selling price IF NO DISCOUNTS Cost of Goods Sold (COGS) Cost of Merchandise + Freight charges from Manufacturer Freight Cost The cost of moving an item from where it was manufactured to either the distributor or the customer's l...

What information is contained in a balance sheet? - ANSWER-Report of a company's financial position as of a point in time. What is an owners' equity item? Accounts receivable Loans payable Capital stock Cash - ANSWER-Capital Stock A company ended July with assets of $150,000 and owner's equity of $60,000. What is the amount of liabilities at the end of July? - ANSWER-$90,000 What is reported in a multiple-step income statement that is not reported in a single-step income state...

What is the quantity to be inspected upon examination? CORRECT ANSWER-One out of 10 or not less than one per invoice What do you file at the time of entry if your manifest quantity does not equal the actual quantity? CORRECT ANSWER-A customs form 5931 Duty and quota are based on what? CORRECT ANSWER-Country of origin What is the country of origin? CORRECT ANSWER-Product made, mined, grown, manufactured or underwent substantial transformation What is country of export? CORRECT ANSWER-...

Cash Flow - Cash in bank > purchased inventory > sold inventory > accounts receivable > cash in bank List Price - The retail price listed selling price - list price - trade discounts Net price - = selling price - allowable discounts (cash discounts) Net Sale Cost of Good Sold (COGS) - = Cost of Merchandise + Freight from Manufacturer Trade Discounts - specify term of sale and change of price with how they see fit. Cash Discounts - given to encourage buyers to prom...

IDIS 240 exam 2 with Complete Solutions FOB Free of board NPBT Net Profit before tax NPAT net profit after tax SGA selling general and administrative expense EBITDA earnings before interests taxes depreciation and amortization - raising prices increases earning but cutting cogs and expenses provides higher increase GMROII gross margin return on inventory investment EBIT earnings before interests taxes UOM unit of measure OEM original equipment manufacturer MRO m...

IDIS 240 Vestal Exam 2 Latest Update Graded A+ NPBT Net profit before tax=EBIT- Interest NPAT Net profit after tax=NPBT- taxes SGA Selling General and Administrative expenses EBITDA Earnings before interest, taxes depreciation and amortization GMROII Gross margin return on inventory investment EBIT Earnings before interest taxes UOM Unit of measure OEM Original equipment manufacturer MRO Maintenance repair and operations Agent Very similar to a manufacturing sale...

MRO - maintenance, repair, and operations Selling price = - List Price - Trade Discounts Net Price = - selling price - allowable discounts (cash discounts) net sale - Actual money received after discounts and adjustments Cost of Goods Sold (COGS) = - Cost of Merchandise + Freight of Manufacturer FOB Shipping Point - Distributor/ Buyer pays for shipping and owns the product in transit Trade Discounts - Specified in term of sale. Offered by manufacturer due to fluctuations in mar...

What information is contained in a balance sheet? - ANSWER-Report of a company's financial position as of a point in time. What is an owners' equity item? - ANSWER-Capital stock A company ended July with assets of $150,000 and owner's equity of $60,000. What is the amount of liabilities at the end of July? - ANSWER-$90,000 What is reported in a multiple-step income statement that is not reported in a single-step income statement? - ANSWER-Gross profit How is gross profit computed...

Cash Flow - Answer-Cash in bank > purchased inventory > sold inventory > accounts receivable > cash in bank List Price - Answer-The retail price listed selling price - Answer-list price - trade discounts Net price - Answer-= selling price - allowable discounts (cash discounts) Net Sale Cost of Good Sold (COGS) - Answer-= Cost of Merchandise + Freight from Manufacturer Trade Discounts - Answer-specify term of sale and change of price with how they see fit. Cash Discounts - Ans...