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Q. What do you mean by consigned goods?
FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accusation from amount owed to seller. The buyer debits Accounts Payable in addition to credits Cash when paying the freight. The seller debits Delivery Expense as well as credits Accounts Receivable when informed of the freight charges. Therefore companies should include goods shipped to potential customers on approval in their inventories. Likewise companies shouldn't record consigned goods (goods delivered to another party who attempts to sell them for a commission) as sold goods. These goods remain the property of the owner (consignor) until sell by the consignee and should be included in the owner's inventory.
At the end of this assignment, you will have: Identified the facts and accounting issues at AVE. Researched the appropriate accounting literature. Analyzed, interpreted,
I want a company law assignment
Q. Explain about Staff accountant? Let us travel with Tracy as she begins her career at the staff level. At the onset, she works directly under a senior accountant on each of h
Q. Explain FOB shipping point freight collect? FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the
why would a bank be interested in the investment ratios of its customer firms..
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
find cost of goods sold
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo
What is the implication of applying accounting concepts wrongly
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