What value needs to be invoiced to the customer in the bottom line of thecommercial invoice of the following shipment?Shipper: Ontario Mountain Equipment Coop, 1234 King St W, Toronto M5T 2S1Consignee: Burbury Clothing PLC, Thames River Rd., Feltham, Middlesex., TW29DG, UKCommodity: 200 Cartons of Rolled GortexThe net weight of each roll is 10 kgThe gross weight of each carton is 12 kgThe dimensions off each carton are 100 cm x 30 cm x 30 cmThe value of the goods is CAD $350.00/ cartonThe HS Code is 9366.66.92.00Packaging Marks: Burberry, FelthamTerms of Trade: CPT Burberry, Feltham, UK (Incoterms® 2010)Transportation booked on Air Canada AC 1234 on December 16th, 2019Selling airfreight rate $2.00/kg, pre-carriage by truck @ CAD $350.00CAD $72,750.00CAD $73,000.00CAD $73,350.00CAD $70,000.00

An invoice is an official document created by a seller or service provider and sent to a buyer or…

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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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Required: Record the following transactions of Evelyn's Designs in a general journal: DATE TRANSACTIONS 20x1 April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, terms 1/10, n/30; freight of $100 prepaid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. Purchased merchandise on credit from Kalyagin Company, Invoice 145, $1,600, terms 1/10, n/30; freight of $50 prepaid by Kalyagin and added to the invoice. Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit Memorandum 332 for $200. Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. 15 17 24
Scenario: You sold $30,000 worth of finished goods and $1,000 worth of trading goods to a customer for $55,000 and $2,000, respectively. . Prepare the t-accounts to illustrate the impact of shipping . Prepare the t-accounts to illustrate the impact of billing . Prepare the t-accounts to illustrate the impact
tion If the merchandise costs $6,000, insurance in transit costs $500, tariff costs $50, processing by the purchasing department costs $35, and the receiving dock personnel costs $15, what is the total cost of the merchandise? -ous page O a. $6,000 O b. $6,550 O c. $6,600 O d. $6.500 -Arrianmont) Groun Arrianmont on lob Type here to search S X E 3 E $ D € O EI % R JU F JU OL V 5 C ^ 6 0 B Y H & 7 U N 3 8 O H 1 M ( Q K O 0 Time left 0 A P Next page 28°C M T
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…
The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 Freight and handling costs: Boys' clothes 30 pcs. underwear 7,500 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute the amount to be remitted by the consignee. Compute for the consignment profit.
The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. Boys’ clothes ₱ 4,800 20 pcs. Boys’ clothes ₱ 6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,500 Freight and handling costs: Boys’ clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute the amount to be remitted by the consignee. Compute for the consignment profit Please show your good accounting form for the solution. Thank you!
The Consignment Out account of Fila Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. Boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. Underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Fila. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute for the consignment profit.
An order is shipped to a retail customer who has ordered 8 individual items. This order will be shipped in 4 separate boxes. What is the packing and shipping cost that will be allocated to the order? $18.60 $4.20 $12.60 $8.40 $16.80
Fairvalue Ltd is a wholesale distribution firm which has provided you with the followinginformation from stores in relation to a particular product line – CRIS20 Dates Details Units Unit Price $ Value $ 08/3/12 Delivery from Manufacturer 500 10 5,000 12/3/12 Delivery from Manufacturer 100 11.20 1,120 17/3/12 Issued to sales 400 25/3/12 Delivery from Manufacturer 300 11.50 3,450 27/3/12 Issued to sales 250 Sales of 650 units @ $20 per item are recorded for the month. There is an opening stock of 250units, valued at $2 000 at 1st March 2012. Required:a. Calculate the gross profit for the month of March 2012 using each of the following methodsof inventory valuation:(i) FIFO. (ii) LIFO. (iii) Weighted average. b. Explain which inventory valuation is most relevant for decision making purposes.
MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
Journal entries of the following question 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 10) Order is delivered to customer .Customer closed the balance byissuing half check , half on account. .Cost of Goods Sold is 116.000 TL.11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rateis 7.10 TL/USD12) Customer returned 26.000 TL + 10% VAT merchandise . Cost ofGoods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash ispaid for VAT.13 ) At the end of the month USD Rate is 6,95 TL/ USD .14) Order is given to vendor , for purchasing 160.000 TL + %10 VAT .issued a check for 90.000 TL as an advance payment .15) Order is received and balance is on account. Freight in paid9.500 TL + %10 VAT .

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