Post, Freight and Carriers

We import forklift parts. When is it advisable to use air freight than sea freight in terms of freight cost.? We use air for emergency orders which is our only reason of using air freight, however i am wondering are there any instances that using air is cheaper or just the same in freight cost compared to sea freight?

What is a "Subdivision" in terms of freight train traffic? I have heard of like "Brownsville Subdivision" with the KCS Railroad. I know that trains operate in subdivisions, I'm just not sure what they mean/consist of/what engineers go by.

How to sell freight rate to exporters in a country that 99% of foreign trade is on FOB terms like Vietnam? At my company we are force to find direct shippers who export to other countries. No problem with Asian bound routes, but to the US and EU, almost all shipments are on FOB terms, which means shippers can't decide the carriers/ transporters. We have good relationships with exporters but it's no use. Traditional marketing practices don't seem to work. Selling in the shipping industry is much difficult than in the insurance one!

what is freight terms and shipping point when asked?

want to check freight terms which i haven't heard of before? freight payable inbound; freight paybale drop ship; ERS inbound; ERS drop ship - what do these mean?

What does the word "Freight Collect" means in shipping terms ?

In terms of mechanical efficiency, is it more efficient for a freight train to push it's cars or pull them? Please answer in terms of physics, not money or time savings. I realize that sometimes freight trains may push or pull their cargo simply because the engine is located in that position and it would take too much effort to relocate it.

what does P.O.A stand for when used in freight forwarding terms?

With regard to the accounts used to record freight costs...? A) Freight-out is added to cost of goods sold B) freight out's normal balance is a debit C) freight-out is recorded when freight terms are FOB shipping point D) freight-out is a contra account to sales

what is credit terms in an invoice? what is Freight terms? i just want to know what the meaning of these terms in an invoice thanks

What is the difference between "freight" and "carriage"? What is the difference between "freight" and "carriage" as in such Incoterms like"CFR-Cost and Freight" and "CPT-Carriage Paid To"? Don't they mean the same thing, do they? Why are the two different words used to refer the same thing in the same set of terms? And what does "cost" mean in "Cost and Freight"? Why isn't there cost in "Carriage Paid To"?

What is the difference between a third party logistics provider and a transportation/freight broker? As I understand it, companies outsource their logistics activities to a 3PL provider which takes care of all of that clients logistics functions. But what is a transportation/freight broker? Are they just a company that will match a carrier with a shipper for the lowest price, but not necessarily take over the entire logistics process? Are they just a quick fix while a 3PL provider is a long term deal?

IN CO TERMS; Could we define CIF as FOB+Ins+Freight?. We know CIF=Cost+Ins+Freight, then define Cost.?

What is a freight relocation specialist? recently I heard this term and I am trying to find out what it means. Is this just another way of saying "truck driver" or some type of profession? Also, what type of salary does this job have? Any help would be much appreciated. Thank you, I thought it was a truck driver but just wanted to be sure.

In the area of freight transportation what does the term "load outs" mean? As in the question "Do you do load outs?"

Is it now time to reactivate our rail network for freight? With the cost of fuel soaring and the current government seemingly incapable of solving our fuel crisis with anything that makes sense, does the rail system now seem to make more sense? I think it does, but I'd like to see some discussion about it. Oil drilling in the US is not going to get us anywhere in the near term, and unless the government starts giving more incentive to alternative sources to innovate, we have to do more now. Currently, our freight hauling is primarily done by tractor trailer.

Does anyone remember the 50's rail movie Night Freight? I'm wondering if this is available anywhere? I'm hoping that it's availible on an Internet based movie server or on DVD or VHS. It appears to be a low budget 50's movie. Here's a description: (Actually if anyone can recommend any other good rail movies it would be much appreciated-Thanks) "Night Freight" 1955-USA-Crime Drama- PLOT DESCRIPTION- Forrest Tucker stars in this yeoman Republic actioner. A short-term railroad freight line is threatened with extinction by a swifter trucking service. Keith Larsen is Tucker's business opponent, as well his rival over the affections of the beauteous Barbara Britton. When the train service evinces signs of survival, the truckers start playing dirty. Night Freight was directed by western veteran Jean Yarborough, who proved that his many years in the TV-sitcom world had not diminished his ability to stage action sequences. ~ Hal Erickson, All Movie Guide @Hoghead: Thanks again. Yes, Emperor of the North was an excellent movie. The part where Borganine riding on the train lets out that piece of metal on a string to bounce under the train and hurt the hobo hiding underneath.......

What exactly do Freight Brokers do? Can someone explain in very basic terms what they do? I have seen an ad online for a company that you can learn the trade and work from home doing this. Is this how most companies run? I have no clue about the business, so I would like to know more. Thanks!

What would be the Journal Entries for this simple transaction!!? Supplier: Miriam Bookstore, P8,000 Invoice date: May 28 Freight terms: F.O.B. Shipping Destination Freight paid by: CS Schools supplies Date Account paid: June 7 What would be the Journal Entries? Thank you!

In export term is the exporter require to prepay freight on FOB shipment and claim it back from the importer? or the shipping company will collect the freight from the importer after loading on board the ship.

How do you get the answer to this? An invoice dated on 5/16/xx received by Jack’s Supply indicated a balance of $7,200. This balance included a freight charge of $400. Terms of the bill were 3/10, 2/30, n/60. Assume Jack pays off the bill on May 25. What amount will he pay?

What does a mate receipt represent? I was reading a book about freight terms, a mate's receipt is in the FOB section

can you help me with this accounting question: sold 26 caculators costing $21 (including freight) for $31 each to mega book store, terms n/30? is this labled purhcase of merch. on credit freight cost on purchases purchase returns and allowances payment on account with a discount sale of merch. on credit return of merch. sold cash received on account w/ a discount

the section of an invoice that designates payment of freight charges is the? a) F.O.B b) terms of sale c) sellers identification d) customers order number

Can someone please help me with the following? 1.The merchandise accounting system where the inventory on hand can always be determined is called the: 2. The merchandise accounting system where the cost of good sold is determined at the end of the accounting period is called the: 3. If the purchaser is to pay the cost of delivering the goods, the terms of sale are FOB: 4.If the seller is to pay the cost of delivering the goods the terms of sale are FOB: 5.The amount of the sales discount is: 6.The seller records the discount in what account? 7.The TOTAL amount of cash received from the buyer is 8.Gross Profit is the difference between Sales and: 9.If ownership (title) to the merchandise passes to the buyer when the goods are delivered to the freight carrier, the shipping terms are:

Smith of San Diego sold short of New Orleans a video system with a $6,000 list price. Sale terms were 2/10,? n/30 FOB to San Diego. Smith agreed to prepay the $35 freight. Assuming short pays the invoice within the discount period, what does short pay smith?

Freight, and Account question!? Here we go. I am pretty new to the world of running my own business, and have never been exposed to much of the technical language that is being thrown at me. For example, on the "Supplier Information Sheet" that I am filling out, I had to search and figure out what "Terms of Payment" meant. I discovered that there were different things like: Net 30 , and 2/10 net 30. MY QUESTION! There is a section on the sheet that says, "Freight (Account Of)" and i am not sure what to fill in for the box. I have already filled in the F.O.B. box with (destination) Any idea what Freight (Account Of) means, and what am i supposed to put into the blank? Thank you sooo much for any help that you can offer me! God Bless!

I'm putting new moulding throughout my house. Is it worth purchasing a miter saw and electric hammer? I want to put in new borders and possibly crown moulding in my 2000 sq. ft. house. I have already tried t putting in borders in my master bedroom using a miter box and hand saw but the cuts for the most part were very uneven even with the best of care. The nailing was also a pain. I'm now considering purchasing a cheap compound miter saw (see Harbor Freight Tools - they have a cheap one for $40) and possibly some kind of electric or air hammer. 1. Is the miter saw worth it, or should I get a table saw which may have more long-term uses? 2. What's a good option for some kind of electric hammer? I prefer not to get into buying an air compressor, mostly due to the lack of storage space, so what options exist? Please let me know of any specific products post links to web sites where I can get these at a low price. Thanks a ton!

How does my new job sound to you guys? I work at UPS Supply Chain Solutions and I just got promoted to a new job. I'm now a Customs Brokerage Representative III. This is my job description: - Generally works in a lead capacity by providing guidance to other employees. - Duties include but are not limited to preparation of customs entries and forwarding freight to designated locations. This may involve interface with international and domestic carriers, overseas offices, and importers. - Prepare Customs entries and follow up with the clearance process on all entries prepared. - Communicate documentation discrepancies to client and supervisor. - Judgment and independent initiative is required to identify, adapt and apply approaches to solve problems and to interpret policy. - This position requires the ability to manage several accounts, while providing excellent customer service, accurate and timely submission of documentation. - Coordinate freight delivery to designated locations. - Review rates, trace product movement, file entries with Customs; clarification and valuation of merchandise. Performs quality checks as needed. - Resolve finance and accounting reconciliation exchange issues. - Responsible for filing entries to customs via GBS-CM in a timely and accurate manner. - Responsibilities may include scanning entries into the SDIS system meeting allotted and sensitive time requirements. - Administrative responsibilities include preparation of reports/presentations and analysis using various software packages and databases. - Document review and assessment of accuracy, verifying country of origin/export, IOR, terms of sale and value to ensure that compliance and federal regulation requirements are achieved. - Daily follow up on documentation discrepancy issues which requires the ability to troubleshoot and communicate effectively, both verbally and in writing with customers and foreign origins. - Establish and maintain client relationships. - All other task as assigned by supervisor and or manager.

How do I know if my Harbor Freight TIG is scratch or lift start? though visually everything has impressed me so far in terms of quality, the directions suck. it is a 165 amp DC inverter, digital readout, item 98233. is it lift or scratch? there is no indication. My background- proficient in MIG, flux, arc and gas, only TIG welded a couple times with a super high dollar machine in a class, not good at it, don't know much about it, bought this to learn. if its not obvious i have not tried it yet, waiting for my filler rods to come in the mail, i ask now because i dont want to wreck my tungstens if i dont have to. also, please do not make this a harbor freight bash session, there are plenty of other forums for that.

How do u pronounce the following business terms??? Could u write the pronunciation - e.g. [KOD] for COD? I am learning the basic business terminology and am interested in the pronunciation of the following business terms (abbriviations): CWO (Cash with Order), COD (Cash on Delivery), CAD (Cash against Documents), D/A (Documents against acceptance), D/P (Documents against Payment), EXW (ex works), FAS (Free Alongside Ship), FOB (Free on Board), CFR (Cost and Freight), CIF (Cost, Insurance and Freight), DES (Delivered ex Ship), DEQ (Delivered ex Quay), DAF (Delivered at Frontier), DDU (Delivered Duty Unpaid). thx for the first answer - just now I'd like to c,arifry - are all of these words read s divided letters? I think u read NAFTA, but not ENEIEFTIEI????

My grandfather says that he was able to successfully avoid serving in the military during ww2, can it be true? He says that by constantly hopping on freight trains he evaded military service although he was in his 20's during ww2. He was able to return to his normal life after ww2, only to find some of his best friends were killed in europe and pacific. He blames their deaths on Roosevelt, who by his terms was "The greatest thug and liar the world has ever seen, and the reason why I chose not to serve".

Why does diesel fuel cost more at the pump than gasoline? Diesel costs less, in terms of energy, to refine versus gasoline which has more stages of refinement - Yet diesel costs more at the pump! A big portion of our economy is dependant on diesel fuel i.e., shipping, freight, the generation of electricity etc., and the higher pricing of this fuel has a direct impact on materials handling, building, energy etc. Has anyone investigated the price gouging of diesel fuel?

If the supplier is on FOB term, what is the cost for buyer in freight and insurance? Who appoints the shipping and insurance agents? The supplier or buyer? When to pay?

Long Term Stocks: You see a Bear Market coming like a freight train. What do you do? If you are going to tell me you can't see it, then hit the back button. Right now. Thanks. Ok, what do you do with your long term stocks when you see a bear market coming and why? Do you: Liquidate all your stocks and watch the market fall Look for stocks to short sell Sell some of your stocks, but keep the ones that are outperforming the market, you have the most confidence in, or have a good history in bear markets (and don't say consumer staples - it's been proven false, and stock speculation has nothing to do with buying toothpaste) Sell worse stocks and keep the better ones to a large degree, just in case you're wrong. Invest in assets with negative betas, such as gold. Other - specify Thanks!

I need help with algebra homework please!? Maplewood Supply Received an invoice $5250.00 dated 4/15/06 the $5250.00 included $270.00 freight. Terms were 5/10, 4/30, Net/60. 1. If Maplewood pays invoice on 4-27 how much will it pay? 2. If Maplewood pays invoice on 5-21 how much will it pay?

what is tanker chartering? i want to know the process on how tanker chartering is done. what are the documents required, how the freight term is decide, basically i need the basic knowledge on tanker chartering

do i add thses together accounting question: sold 26 caculators costing $21 (including freight) for $31 each t o mega book store terms n/30 so i add 21+31 or 21+n/30 or 21+26

I have some questions about accounting. I am bad at multiple choice and true/false questions. Please help me. 1.The steps in the accounting cycle are different for a merchandising company than for a service company. A)True B)False 2.A periodic inventory system requires a detailed inventory record of inventory items. A)True B)False 3.The Sales Returns and Allowances account and the Sales Discount account are both classified as expense accounts. A)True B)False 4.For a merchandising company, all accounts that affect the determination of income are closed to the Income Summary account. A)True B)False 5.A multiple-step income statement provides users with more information about a company's income performance. A)True B)False 6.If net sales are $800,000 and cost of goods sold is $600,000, the gross profit rate is 25%. A)True B)False 7.Under a periodic inventory system, freight-in on merchandise purchases should be charged to the Inventory account. A)True B)False 8.The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 10 days of the next month. A)True B)False 9.An enterprise which sells goods to customers is known as a A)proprietorship. B)corporation. C)retailer. D)service firm. 10.Sales revenue less cost of goods sold is called A)gross profit. B)net profit. C)net income. D)marginal income. 11.Detailed records of goods held for resale are not maintained under a A)perpetual inventory system. B)periodic inventory system. C)double entry accounting system. D)single entry accounting system. 12.Under a perpetual inventory system, acquisition of merchandise for resale is debited to the A)Merchandise Inventory account. B)Purchases account. C)Supplies account. D)Cost of Goods Sold account. 13.A buyer would record a payment within the discount period under a perpetual inventory system by crediting A)Accounts Payable. B)Merchandise Inventory. C)Purchase Discounts. D)Sales Discounts. 14.Bryan Company purchased merchandise from Cates Company with freight terms of FOB shipping point. The freight costs will be paid by the A)seller. B)buyer. C)transportation company. D)buyer and the seller. 15.Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period? A)$5,000 B)$4,900 C)$4,500 D)$4,600

Need help with 4 multiple choice accounting questions please? 1. If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the a. Merchandise Inventory account will be increased. b. Merchandise Inventory account will not be affected. c. carrier will bear the freight cost. d. seller will bear the freight cost. 2. Freight costs paid by a seller on merchandise sold to customers will cause an increase a. to a contra-revenue account of the seller. b. in operating expenses for the seller. c. to the cost of goods sold of the seller. d. in the selling expense of the buyer. 3. The one characteristic that all entries recorded in a cash receipts journal have in common is a. that they all represent collections from customers. b. a debit to the Cash account. c. a credit to the Cash account. d. that they originate from the sales of merchandise. 4. The one characteristic that all entries recorded in a multi-column purchases journal have in common is a a. credit to the Accounts Payable account. b. credit to the Cash account. c. debit to the Cash account. d. debit to the Accounts Payable account. Please if someone can help me that would be great. Thank you very much Buz

Business math homework help? The Greeley Tribune (Greeley, CO) on February 24, 2007 reported on discounts. Republican Representative Kevin Lundberg, of Berthoud, Colorado, said the law defined "cost" as the wholesale price of goods plus any overhead costs, but stores sell things below cost all the time. Jim Riesberg purchased slacks for $25, with an original price of $128. Whats the total percent discount? True Value received an invoice dated April 16. The invoice had a $5,300 balance that included $200 freight. Terms were 5/10, 4/30, n/60. True Value pays the invoice on April 29. What amount does True Value pay? (Round your answer to 2 decimal places. Home Depot wants to buy a new line of shortwave radios. Manufacturer A offers a 23/13 chain discount. Manufacturer B offers a 24/10 chain discount. Both manufacturers have the same list price Calculate the discount percentage for manufacturer A and manufacturer B. (Round your answers to 2 decimal places

After all the good the American People and our Government has done for the good of Humanity in the world. Why? is it that these third world ingrates and the fancy pants in these civilized lands are always ready to shoot us down at the least suspect of wrong doing? Every civilization has had bad governments and we have had a few losers in office true, but really? People have electricity because of Ben Franklin. We have taken in every immigrant from anywhere and we pay their weight and freight and medical as well. Why are we sitting back and allowing us to slam us up against the wall constantly every chance they get? Is it Jealousy and Greed? Or down right ungrateful pathetic ignorant people or both? Europe would never have survived WW II without us either. I am not trying to offend but really? Is this a world of what you have given me lately? short term memories? And why not help us and be humane rather than the I hate you mentality? All comment welcome without cursing please?

can you help me with this accounting question: sold 30 caculators costing $21 for $31 each to barbara's card s hop, terms n/30 how can i lable this purhcase of merch. on credit freight cost on purchases purchase returns and allowances payment on account with a discount sale of merch. on credit return of merch. sold cash received on account w/ a discount

a company receives an invoice for $5,000 in merchandise and an additional $100 for freight charges.the invoice is dated december 7 and carries terms of 1/10,n30. if they pay the entire amount the should remiss is. Please help.thanks

British vs North American railroad terminology? I am curious and wish to learn other differences between American and British railroad terminology. Not slang so much as interchangeable terms. Some British counterparts to US terminology I'm already familiar with includes the following: bogey = trucks guard = conductor shunting track = siding points = switch sleeper = cross tie goods train = freight train carriage = passenger car or freight car Does anyone have more examples or corrections / clarification on these? Thanks all.

Help required about shipping industry? I need websites (s) to learn more about the shipping industry. Im looking to learn about the bill of lading, containber freight station and more terms like these, therefore more specifically about the container freight lines. An online encyclopedia would be nice. Any help would be appreciated. Thanks.

What's the best way to ship stuff from Canada (Ottawa) to the US (Los Angeles)? Someone I know is getting ready to relocate to the United States and they were wondering what the best way to ship their stuff was. From what I understand they're not looking to move any furniture or large items only box size things. For example clothing, books, knickknacks and possibly a small stereo. Also they're guessing It probably won't be more than 10 boxes worth of stuff and certainly not more than 15. What's the best way in terms of balancing out cost, safety and simplicity? We know there is the Postal Service but is there some sort of point-to-point freight option that would be a better way of doing things? PS the person is flying therefore it's not like they can load up a car or anything. Thanks in advance for your help. also if you could please add why you think this is a good suggestion. oh and any costs or contact information including links would be great as well.

accounting questionnnn!? A sales invoice included the following information: merchandise price, $5,000; freight, $900; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $700 is granted prior to payment, that the freight is has already been prepaid by the seller, and that the invoice is paid within the discount period, what is the remaining amount of cash that should be received by the seller? a. $4,300 b. $4,950 c. $3,400 d. $4,257

Adults only please!!!(sexually experienced ones)? okay i'm just wondering how many of you've ever heard the term freight training and if u know what it means?(someone said it was a girl w/three guys having sex)j/w if this is true...also how many people does it involve when somebody says that they've had group sex???(how many,defines it as group sex?)also i've heard of gang banging what does that involve and how many people partesipates??? also in an orgy??has anyone had one?again just curious...and yes i am over 18..just haven't really done that kind of stuff and am curious about it..

Who will answer this question for me your help will be greatly appreciated. Thanks? Porter Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 1998, included the following expense accounts: Accounting and legal fees $140,000 Advertising 120,000 Freight – out 75,000 Interest 60,000 Loss on sale of long-term investments 30,000 Officers' salaries 180,000 Rent for office space 180,000 Sales salaries and commissions 75,000 . 13. How much of the expenses listed above should be included in Porter's selling expenses for 1998? a. $230,000. b. $305,000. c. $320,000. d. $395,000.

Is the company named: OCEANIC DELIVERY SERVICE, a authentic courier service? Attn: Customer, Thank you for writing OCEANIC DISPATCH Courier Service Company. Good day to you. I am in receipt of your mail. Be informed that you have to come up with the payment for the cost of delivery. Regarding the delivery of your cheque, we the (courier company) are in possession of your cheque from the lottery payment centre ready for dispatch to you upon satisfaction of our compulsory delivery requirement. We have our terms and condition which must be satisfied before delivery can be effected to you. Find below the terms of delivery: 1) We do not operate on cash on delivery services (C.O.D.). This is inline with section 12 (b) of the freight and financial Act in Great Britain as adopted by the Gambling and Gaming Board of Great Britain. This is to ensure that your cheque undergoes a comprehensive insurance cover against theft, lost or misappropriations. 2) That payment must be effected before delivery and this is part of the insurance/company(s

Can someone help with this math problem? Smith of New York sold office equipment for $9,000 to Franks of Los Angeles. Terms of the sale are 4/10, n/30 F.O.B. New York. Smith has agreed to prepay the freight of $100. Assuming Franks pays within the discount period, how much will they pay Smith?

MATH HELP!! An invoice dated May18 received by plumbing supply indicated a balance of $9,600. The balance ? included a freight charge of $600. Terms of the invoice were 2/10, 1/15, N/45. Assuming Plumbing supply pays the bill on May30, the amount they should pay is? its all there

Railroad terminology and other questions about trains? Is there a distinguishing name for the locomotive ‘helpers’ that are placed between freight cars as opposed to at the end of the train and what is the purpose of such placement? Does a helper in the middle of the train provide better help in certain situations compared to one at the end or is it just for easier unhooking of train cars? When 4 locomotives are placed at the beginning of a freight train, are there terms to distinguish between the engines? For example: Is there a nickname or term given to the lead engine while the 4th engine has a different nickname? Are all other engines besides the lead engine considered helpers? Are the helper engines controlled by the conductor through remote control and only used when necessary, such as going up steep grades or hauling heavier loads? Is there more than one conductor on these freight trains that have 6 engines on them? Any help would be much appreciated. Thanks.

1. The effect of a sales return and allowance is a reduction in sales revenue and a decrease in cash or accoun 1. The effect of a sales return and allowance is a reduction in sales revenue and a decrease in cash or accounts receivable. True or False 2. The following lots of a particular commodity were available for sale during the year: Beginning inventory10 units at $61 First purchase25 units at $63 Second purchase30 units at $64 Third purchase15 units at $73 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the average cost method? a.$1,236 b.$1,415 c.$1,305 d.$1,300 3. If the buyer is to pay the transportation costs of delivering merchandise, delivery terms are stated as a.FOB buyer b.FOB destination c.FOB n/30 d.FOB shipping point 4. Who pays the freight costs when the terms are FOB shipping point? a.either the seller or the buyer b.the buyer c.the ultimate customer d.the seller

Accounting for Merchandising Businesses? I need the following questions answer. Thanks in advance 1.The merchandise accounting system in which the amount of inventory on hand can always be determined is called the 2.The merchandise accounting system in which the cost of the merchandise sold is determined at the end of the accounting period is called the 3-5.A sales invoice for $8,000, terms 2/10, n/30, FOB shipping point, is paid within the discount period. The seller has prepaid transportation costs of $500. Purchases of $200 are returned to the seller. 3.The amount of the sales discount is 4.The title of the account in which the discount is recorded by the seller is 5.The amount of cash received from the customer is 6.If ownership (title) to merchandise passes to the buyer when merchandise is delivered to the freight carrier, the shipping terms are

I need some help with these accounting questions 1.Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement. A)True B)False 2.The matching principle requires that the cost of goods sold be matched against the ending merchandise inventory in order to determine income. A)True B)False 3.A company may use more than one inventory costing method concurrently. A)True B)False 4.An error that overstates the ending inventory will also cause net income for the period to be overstated. A)True B)False 5.Under the FIFO method, the costs of the earliest units purchased are the first charged to cost of goods sold. A)True B)False 6.The gross profit method is based on the assumption that the rate of gross profit remains constant from one year to the next. A)True B)False 7.In a manufacturing business, inventory that is ready for sale is called A)raw materials inventory. B)work in process inventory. C)finished goods inventory. D)store supplies inventory. 8.An employee assigned to counting computer monitors in boxes should A)estimate the number if there is a large quantity to be counted. B)read each box and rely on the box description for the contents. C)determine that the box contains a monitor. D)rely on the warehouse records of the number of computer monitors. 9.A recommended internal control procedure for taking physical inventories is that the counting should be done by employees who do not have custodial responsibility for the inventory. This is an example of what type of internal control procedure? A)Establishment of responsibility B)Documentation procedure C)Independent internal verification D)Segregation of duties 10.The term "FOB" denotes A)free on board. B)freight on board. C)free only (to) buyer. D)freight charge on buyer. 11.Cost of goods sold is computed from the following equation: A)beginning inventory – cost of goods purchased ending inventory. B)sales – cost of goods purchased beginning inventory – ending inventory. C)sales gross profit – ending inventory beginning inventory. D)beginning inventory cost of goods purchased – ending inventory 12.Which of the following is not a common cost flow assumption used in costing inventory? A)First-in, first-out B)Middle-in, first-out C)Last-in, first-out D)Average cost 13.Which of the following statements is true regarding inventory cost flow assumptions? A)A company may use more than one costing method concurrently. B)A company must comply with the method specified by industry standards. C)A company must use the same method for domestic and foreign operations. D)A company may never change its inventory costing method once it has chosen a method. 14.Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using A)LIFO will have the highest ending inventory. B)FIFO will have the highest cost of good sold. C)FIFO will have the highest ending inventory. D)LIFO will have the lowest cost of goods sold. 15.If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the A)cost of goods sold of the companies will be identical. B)cost of goods available for sale of the companies will be identical. C)ending inventory of the companies will be identical. D)net income of the companies will be identical.

Plz help this question is making my head hurt.? Mel's furniture received and invoice dated September 27th for five bedroom set's at $3,000 each. The invoice indicated a trade discount of 5/8/3. The seller of the furniture prepaid the freight of $200. Terms were 2/10 EOM. Assuming Mels pays on November 2nd, what amount would be paid? (Be sure to include freight costs)

Gold run software journal entries needed? Q 1 Dec 18 Discovered that invoice from Norton America for $15900 list ($15741 net) with cash terms 1/10, n/30 and dated November 18, was filed incorrectly and the cash discount has been lost. Record the discount lost entry. Then issue check and pay the total amount due today on this invoice. Q 2 Dec 18 Received a $1250 check from the Downieville Dusters as a partial payment on their past due account Q 3 Dec 19. On October 19 of this year Gold Run Snowmobile Inc borrowed $13000 cash on an 9%, 60 day note payable. The $13000 note plus interest (6%) is due today and is paid in full with check. Q4 Dec 20.Sold one Trail-Tracker Enduro snowmobile to A.C. Woolworth for the cost of $6860 plus a markup on selling price 20%. Sales tax on the retail price increases the out the dood cash price to $9089.5. Item: Trail-tracker Enduro Qty 1 Net cost per unit: $6860.00 Q5 Purchased a special order Swift Arrow and three additional Quad Hauler trailers from Swift, Inc. The gross invoice total from Swift Inc. (including freight charges) is $13674. The total net cost of the merchandise is $13464 with additional freight charge $210. The terms on invoice are 1/10, n/30 and the special order is being shipped FOB shipping point. Merchandise listed below Item: Swift arrow Qty: 1 Net cost per unit: $9900.00 Item: Quad Hauler Qty : 3 Net cost per unit: 1188.00 Freight charges: $210

How to do the following accounting question(Serious answers only).? ? On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the month of October, the following transactions occurred. Oct.3Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30. 6Sold 10 bikes for $1,500 each, terms n/30. 6Freight of $250 on the October 6 sale was FOB shipping point. 7Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13Issued a credit to a customer for the return of a bike. The bike was returned to inventory. 19Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. 20Freight of $220 on the October 19 purchase was FOB shipping point. 29Paid for the October 19 purchase. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions.

Math question on discounts, trades, and cash? Boeing Truck Company received an invoice showing 10 tires at $115 each, 14 tires at $164 each, and 15 tires at $189 each. Shipping terms are FOB shipping point. Freight is $550; trade discount is 12/6; and a cash discount of 2/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay?

On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the mo? Oct.3Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30. 6Sold 10 bikes for $1,500 each, terms n/30. 6Freight of $250 on the October 6 sale was FOB shipping point. 7Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13Issued a credit to a customer for the return of a bike. The bike was returned to inventory. 19Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. 20Freight of $220 on the October 19 purchase was FOB shipping point. 29Paid for the October 19 purchase. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions.

How would I figure this out? (#3)? This is one of three sample questions for the CHSPE that I need help with. Could you tell me how I would figure this out, in laymen's terms? Each day a freight train leaves Lake City and travels to Hilltown, Chester, and Freeburg. Th en it returns to Lake City. Th e train’s route forms a trapezoid with a right angle as shown below. Here's the image: http://i36.tinypic.com/mrwili.jpg Which is closest to the distance in miles from Freeburg to Lake City? A. 51 B. 43.8 C. 39 D. 32.7

freight-train in literary terms? i have to define a bunch of literary terms for the english class im taking next year and one of them is freight train. freight-train in literary terms....? can anyone provide a literary definition for freight-train? plz and thnk u

accounting help? 10 points which account and how much for each. ****problem**** 1.On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point. 2.On April 6 paid freight costs of $900 on merchandise purchased from Bryant. 3.On April 7, purchased equipment on account for $26,000. 4.On April 8, returned damaged merchandise to Bryant Company and was granted a $4,000 credit for returned merchandise. 5.On April 15 paid the amount due to Bryant Company in full ****MY QUESTION**** 1. On April 15 paid the amount due to Bryant Company in full 2. Assume that Steffens Co. paid the balance due to Bryant Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

ACCOUNTING........ really quick question =================? Can you make sure that the terms are matched correctly to the part of the accounting equation (assets, liabilities, equity)? I would REALLY appreciate it. Contributed Capital --- equity Distributions --- equity Purchases --- assets Retained Earnings --- equity Freight-In --- assets Sales --- assets

On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each.? Oct.3Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30. 6Sold 10 bikes for $1,500 each, terms n/30. 6Freight of $250 on the October 6 sale was FOB shipping point. 7Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13Issued a credit to a customer for the return of a bike. The bike was returned to inventory. 19Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. 20Freight of $220 on the October 19 purchase was FOB shipping point. 29Paid for the October 19 purchase. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions.

Journalize the following transactions under a perpetual inventory system? 1. On April 5, purchased merchandise from Allman Company for $20,900 terms 2/10, net/30, FOB shipping point. 2. On April 6 paid freight costs of $927 on merchandise purchased from Allman. 3. On April 7, purchased equipment on account for $30,100. 4. On April 8, returned damaged merchandise to Allman Company and was granted a $4,400 allowance for returned merchandise. 5. On April 15 paid the amount due to Allman Company in full. Assume that Gilberto Co. paid the balance due to Allman Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Read the description of following adjustments that are required at the end of the accounting period for? Drummond Consulting Services. Determine the account and amount to be debited and the account and amount to be credited. A) Purchased merchandise on terms of net 30 days. B) Returned some damaged merchandise to a supplier and received a credit memorandum. C) issued a check to a supplier as a payment on account. D) Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price. Received a credit memorandum. E) Purchased merchandise on terms of 2/10, n/30. The supplier's invoice includes a freight charge. I dont understand this can anyone explain it to me?

Business Math? I have a few that i can't figure out. They are as follows: An invoice dated January 15 for merchandise you bought added up to $876. The terms were 3/10, n/60, f.o.b. shipping point. When the goods arrived, you paid freight amounting to $8.50. On January 20 you returned goods billed at $26, and received credit therefore. You paid the bill on January 24. The amount of your check was... Choices: 815.22 816.00 824.50 850.00 An invoice dated June 6 has the terms 3/5, 2/30, n/60. What is the last day that the retailer can take advantage of the 3% discount? Choices June 9 June 11 June 30 July 6 An invoice for $355.75 is dated April 21 and has terms of 4/10, 1/30, n/60. What amount of money is needed to pay this invoice on May 1? Choices: 320.18 341.52 352.19 355.75 What amount of money is necessary to pay a bill for $658, dated September 21, terms of 3/15, n/60, if it is paid within 15 days of the date of invoice? Choices $263.20 $559.30 $638.26 $658.00 Thanks in advance.

Supplier export with FOB term, What does a buyer need to do? My supplier will supply goods FOB term, that means the buyer will have to take up the freight and insurance charge. The freight and insurance charge will be paid to the freight forwarder engage by the supplier right? When it comes to the importing country, the purchaser will engage a local agent to clear custom. Is that right? Does anyone has step by step importing guide?

Anyone good at Math Discounts and stuff? Business 101 math. Still at it and will be for 1 month? n mean net and for your personal reference, this relates to BUSINESS Math 101 #1) Gross Amount Of Invoice (freight charge already included) is $600 Freight Charge is NONE Date Of Invoice is 8/1 Terms Of Invoice is 3/10, 2/15, n/30 Date Of Payment is 8/13 Cash Discount Is...? Net Amount Paid is...? #2) Sport Authority ordered 50 pairs of tennis shoes from Nike Corporation. The shoes were priced at $80 per pair with the following terms: 4/10, 2/30, n/60. The invoice was dated October 15. Sports Authority sent in a payment on October 28. What should have been the smount of the check...?

need help/math homework? find discount date,due date, amt of cash discount, and amount of remittancel Terms 3/5, n/25 Discount date _________ Invoice date May27 Due date ________Invoice amt. 622.56 Discount amt. _____Remittance______ #2. Terms 2/10, n30 discount date___invoice date july 23 due date___Invoice amt. 484.86 discount amt____Freight $45.00 Remittance____ 3.Terms 1.5/15, net 45 discount date ___Invoice amt.$692. Discount amt____Returned goods $242.00 Remittance_____ #4. Terms 2.5/20, n/60 discount date____ invoice date Dec 28 due date___Invoice amt. 1245.55 Discount amt____Returned goods $398.75 Remittance_____Freight $70.00 Please show me how to do these????

Help with these quesitons? 1. Mr. smith bought goods from Terry INC with shipping terms FOB destination, Who has to pay for the freight? 2. Where on the worksheet where does purchase discounts appear

How do u figure inventory cost ?? Mary Ann's Hat Shop counted the entire inventory in the store on August 31 and arrived at a total inventory cost of $74,000. The count included $5,200 of inventory held on consignment for a local designer; $580 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $810 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $6,900. It had been shipped on August 29, terms FOB destination, and the freight charges were $240. The second shipment cost $4,350. It had been shipped on August 28, terms FOB shipping point, and the freight charges were $150. Neither of these shipments were included in the August 31 count. Calculate the correct cost of the inventory on August 31. $

help solve this math question? gross invoice (includes freight): 1000 freight: 100 date of invoice: 8/11 terms: 2/10 , 1/15, n/30 date of payment: 8/23 A: discount______ B: net price______

journalize the followings under a perpetual inverntory system? Copple Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Copple showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Nute Wholesale Supply $6,000, terms 2/10, n/30. 2 Sold merchandise on account $5,000, terms 1/10, n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Nute Wholesales Supply for merchandise returned $600. 9 Received collections in full, less discounts, from customers billed on sales of $5,000 on May 2. 10 Paid Nute Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $2,700. 15 Received refund for poor quality merchandise from supplier on cash purchase $230. 17 Purchased merchandise from Sherrick Distributors $1,900, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $6,200. The merchandise sold had a cost of $4,600. 25 Purchased merchandise from Duffy Inc. $1,000, FOB, destination, terms 2/10, n/30. 27 Paid Sherrick Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $100. The returned merchandise had a scrap value of $20. 31 Sold merchandise on account $1,600, terms n/30. The cost of the merchandise sold was $1,120. Copple Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

need to do general journal? issued check 40 to the oroville company for $2.00 as payment in full on invoice that was received today. the invoice is for freight charges on merchandise delevered to customers under shipping terms of FOB destination.

Business Math...Need Quick Help? I have a few that i can't figure out. They are as follows: An invoice dated January 15 for merchandise you bought added up to $876. The terms were 3/10, n/60, f.o.b. shipping point. When the goods arrived, you paid freight amounting to $8.50. On January 20 you returned goods billed at $26, and received credit therefore. You paid the bill on January 24. The amount of your check was... Choices: 815.22 816.00 824.50 850.00 An invoice dated June 6 has the terms 3/5, 2/30, n/60. What is the last day that the retailer can take advantage of the 3% discount? Choices June 9 June 11 June 30 July 6 An invoice for $355.75 is dated April 21 and has terms of 4/10, 1/30, n/60. What amount of money is needed to pay this invoice on May 1? Choices: 320.18 341.52 352.19 355.75 What amount of money is necessary to pay a bill for $658, dated September 21, terms of 3/15, n/60, if it is paid within 15 days of the date of invoice? Choices $263.20 $559.30 $638.26 $658.00

help with this math question please? Smith of Boston sold office equipment for $12,500 to Frank of Las Angeles. Terms of the sale are 2/10,n/30,FOB Boston. Smith agreed to prepay the freight of $120. Assume Frank pays within the discount period. How much will they pay Smith?

plz comment on the following.? N R Narayana Murthy, chief mentor and chairman of the board, Infosys Technologies, delivered a pre-commencement lecture at the New York University (Stern School of Business) on May 9. It is a scintillating speech, Murthy speaks about the lessons he learnt from his life and career. We present it for our readers: Dean Cooley, faculty, staff, distinguished guests, and, most importantly, the graduating class of 2007, it is a great privilege to speak at your commencement ceremonies. I thank Dean Cooley and Prof Marti Subrahmanyam for their kind invitation. I am exhilarated to be part of such a joyous occasion. Congratulations to you, the class of 2007, on completing an important milestone in your life journey. After some thought, I have decided to share with you some of my life lessons. I learned these lessons in the context of my early career struggles, a life lived under the influence of sometimes unplanned events which were the crucibles that tempered my character and reshaped my future. I would like first to share some of these key life events with you, in the hope that these may help you understand my struggles and how chance events and unplanned encounters with influential persons shaped my life and career. Later, I will share the deeper life lessons that I have learned. My sincere hope is that this sharing will help you see your own trials and tribulations for the hidden blessings they can be. The first event occurred when I was a graduate student in Control Theory at IIT, Kanpur, in India. At breakfast on a bright Sunday morning in 1968, I had a chance encounter with a famous computer scientist on sabbatical from a well-known US university. He was discussing exciting new developments in the field of computer science with a large group of students and how such developments would alter our future. He was articulate, passionate and quite convincing. I was hooked. I went straight from breakfast to the library, read four or five papers he had suggested, and left the library determined to study computer science. Friends, when I look back today at that pivotal meeting, I marvel at how one role model can alter for the better the future of a young student. This experience taught me that valuable advice can sometimes come from an unexpected source, and chance events can sometimes open new doors. The next event that left an indelible mark on me occurred in 1974. The location: Nis, a border town between former Yugoslavia, now Serbia, and Bulgaria. I was hitchhiking from Paris back to Mysore, India, my home town. By the time a kind driver dropped me at Nis railway station at 9 p.m. on a Saturday night, the restaurant was closed. So was the bank the next morning, and I could not eat because I had no local money. I slept on the railway platform until 8.30 pm in the night when the Sofia Express pulled in. The only passengers in my compartment were a girl and a boy. I struck a conversation in French with the young girl. She talked about the travails of living in an iron curtain country, until we were roughly interrupted by some policemen who, I later gathered, were summoned by the young man who thought we were criticising the communist government of Bulgaria. The girl was led away; my backpack and sleeping bag were confiscated. I was dragged along the platform into a small 8x8 foot room with a cold stone floor and a hole in one corner by way of toilet facilities. I was held in that bitterly cold room without food or water for over 72 hours. I had lost all hope of ever seeing the outside world again, when the door opened. I was again dragged out unceremoniously, locked up in the guard's compartment on a departing freight train and told that I would be released 20 hours later upon reaching Istanbul. The guard's final words still ring in my ears -- "You are from a friendly country called India and that is why we are letting you go!" The journey to Istanbul was lonely, and I was starving. This long, lonely, cold journey forced me to deeply rethink my convictions about Communism. Early on a dark Thursday morning, after being hungry for 108 hours, I was purged of any last vestiges of affinity for the Left. I concluded that entrepreneurship, resulting in large-scale job creation, was the only viable mechanism for eradicating poverty in societies. Deep in my heart, I always thank the Bulgarian guards for transforming me from a confused Leftist into a determined, compassionate capitalist! Inevitably, this sequence of events led to the eventual founding of Infosys in 1981. While these first two events were rather fortuitous, the next two, both concerning the Infosys journey, were more planned and profoundly influenced my career trajectory. On a chilly Saturday morning in winter 1990, five of the seven founders of Infosys met in our small office in a leafy Bangalore suburb. The decision at hand was the possible sale of Infosys for the enticing sum of $1 million. After nine years of toil in the then business-unfriendly India, we were quite happy at the prospect of seeing at least some money. I let my younger colleagues talk about their future plans. Discussions about the travails of our journey thus far and our future challenges went on for about four hours. I had not yet spoken a word. Finally, it was my turn. I spoke about our journey from a small Mumbai apartment in 1981 that had been beset with many challenges, but also of how I believed we were at the darkest hour before the dawn. I then took an audacious step. If they were all bent upon selling the company, I said, I would buy out all my colleagues, though I did not have a cent in my pocket. There was a stunned silence in the room. My colleagues wondered aloud about my foolhardiness. But I remained silent. However, after an hour of my arguments, my colleagues changed their minds to my way of thinking. I urged them that if we wanted to create a great company, we should be optimistic and confident. They have more than lived up to their promise of that day. In the seventeen years since that day, Infosys has grown to revenues in excess of $3.0 billion, a net income of more than $800 million and a market capitalisation of more than $28 billion, 28,000 times richer than the offer of $1 million on that day. In the process, Infosys has created more than 70,000 well-paying jobs, 2,000-plus dollar-millionaires and 20,000-plus rupee millionaires. A final story: On a hot summer morning in 1995, a Fortune-10 corporation had sequestered all their Indian software vendors, including Infosys, in different rooms at the Taj Residency hotel in Bangalore so that the vendors could not communicate with one another. This customer's propensity for tough negotiations was well-known. Our team was very nervous. First of all, with revenues of only around $5 million, we were minnows compared to the customer. Second, this customer contributed fully 25% of our revenues. The loss of this business would potentially devastate our recently-listed company. Third, the customer's negotiation style was very aggressive. The customer team would go from room to room, get the best terms out of each vendor and then pit one vendor against the other. This went on for several rounds. Our various arguments why a fair price -- one that allowed us to invest in good people, R&D, infrastructure, technology and training -- was actually in their interest failed to cut any ice with the customer. By 5 p.m. on the last day, we had to make a decision right on the spot whether to accept the customer's terms or to walk out. All eyes were on me as I mulled over the decision. I closed my eyes, and reflected upon our journey until then. Through many a tough call, we had always thought about the long-term interests of Infosys. I communicated clearly to the customer team that we could not accept their terms, since it could well lead us to letting them down later. But I promised a smooth, professional transition to a vendor of customer's choice. This was a turning point for Infosys. Subsequently, we created a Risk Mitigation Council which ensured that we would never again depend too much on any one client, technology, country, application area or key employee. The crisis was a blessing in disguise. Today, Infosys has a sound de-risking strategy that has stabilised its revenues and profits. I want to share with you, next, the life lessons these events have taught me. 1. I will begin with the importance of learning from experience. It is less important, I believe, where you start. It is more important how and what you learn. If the quality of the learning is high, the development gradient is steep, and, given time, you can find yourself in a previously unattainable place. I believe the Infosys story is living proof of this. Learning from experience, however, can be complicated. It can be much more difficult to learn from success than from failure. If we fail, we think carefully about the precise cause. Success can indiscriminately reinforce all our prior actions. 2. A second theme concerns the power of chance events. As I think across a wide variety of settings in my life, I am struck by the incredible role played by the interplay of chance events with intentional choices. While the turning points themselves are indeed often fortuitous, how we respond to them is anything but so. It is this very quality of how we respond systematically to chance events that is crucial. 3. Of course, the mindset one works with is also quite critical. As recent work by the psychologist, Carol Dweck, has shown, it matters greatly whether one believes in ability as inherent or that it can be developed. Put simply, the former view, a fixed mindset, creates a tendency to avoid challenges, to ignore useful negative feedback and leads such people to plateau early and not achieve their full potential. The latter view, a growth mindset, leads to a tendency to embrace challenges, to learn from criticism and such people reach ever higher levels of achievement (Krakovsky, 2007: page 48). 4. The fourth theme is a cornerstone of the Indian spiritual tradition: self-knowledge. Indeed, the highest form of knowledge, it is said, is self-knowledge. I believe this greater awareness and knowledge of oneself is what ultimately helps develop a more grounded belief in oneself, courage, determination, and, above all, humility, all qualities which enable one to wear one's success with dignity and grace. Based on my life experiences, I can assert that it is this belief in learning from experience, a growth mindset, the power of chance events, and self-reflection that have helped me grow to the present. Back in the 1960s, the odds of my being in front of you today would have been zero. Yet here I stand before you! With every successive step, the odds kept changing in my favour, and it is these life lessons that made all the difference. My young friends, I would like to end with some words of advice. Do you believe that your future is pre-ordained, and is already set? Or, do you believe that your future is yet to be written and that it will depend upon the sometimes fortuitous events? Do you believe that these events can provide turning points to which you will respond with your energy and enthusiasm? Do you believe that you will learn from these events and that you will reflect on your setbacks? Do you believe that you will examine your successes with even greater care? I hope you believe that the future will be shaped by several turning points with great learning opportunities. In fact, this is the path I have walked to much advantage. A final word: When, one day, you have made your mark on the world, remember that, in the ultimate analysis, we are all mere temporary custodians of the wealth we generate, whether it be financial, intellectual, or emotional. The best use of all your wealth is to share it with those less fortunate. I believe that we have all at some time eaten the fruit from trees that we did not plant. In the fullness of time, when it is our turn to give, it behooves us in turn to plant gardens that we may never eat the fruit of, which will largely benefit generations to come. I believe this is our sacred responsibility, one that I hope you will shoulder in time. Thank you for your patience. Go forth and embrace your future with open arms, and pursue enthusiastically your own life journey of discovery!

Financial Accounting Problem? At the beginning of the current season on April 1, the ledger of Fairway Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April, 2007 Apr. 5 Purchased golf bags, clubs, and balls on account from Kokott Co. $1,800 terms 3/10, n/60 Apr 7. Paid Freight on Kikott purchase $80 Apr. 9 Received Credit from Kokott Co. for merchandise returned $200 Apr. 10 Sold merchandise on account to members $910, terms n/30. the merchandise sold had a cost of $620 Apr. 12 Purchased golf shoes, sweaters and other accessories on account from Eagle Sportswear $730, terms 1/10, n/30 Apr 14 Paid Kokott Co. in full Apr. 17 Received credit from Eagle sportswear for merchandise returned $30 Apr 20. Made sales on account to members $840, terms n/30. The cost of the merchandise sold was $550 Apr. 21 Paid Eagle Sportswear in full Apr. 27 Granted an allowance to members for clothing that did not fit properly $60 Apr. 30 Received payments on account from members $1,100 The chart of accounts for the Pro shot includes Cash, Accounts Recievable, Merchandise Inventory, Accounts Payable, Common Stock, Sales, Sales Returns and allowances, and Cost of goods sold. Instructions: A. Journalize the April transactions using a Perpetual inventory System. B. Using T accounts, enter the beginning balances in the ledger accounts and post April Transactions. C. Prepare a trial balance on April 30, 2007 D. Prepare an income statement through gross profit it also gives for (c) total trial balance of $7,750 and for (d) gross profit $520 Can anyone help please? Thanks

Can someone help me with this accounting question so i can understand this: i paid skywalker distributors in f ull, less discount. april 18 purchased merch. from skywalker distributors $4,500, FOB shipping point, terms 2/10, n/30 april 20 paid freight on april 18 purchase $100 april 26 purchased merch. for cash $2,300 april 27 paid skywalker distributors in full, less discount. my question is how much did i give in full, was it 4,500.

Import from China, FOB? I am looking at importing from China recurring goods. I have a potential supplier who has quoted a price per unit, and states it is FOB from Shanghai, terms are Letter of credit or T/T Ok, so the supplier will get the goods to the dock and onto the ship, is that correct, do I ask him for a quote for this service, or does another party deal with that, like a freight forwarder? would that forwarder be here in the uk or there in china? who would I pay to expedite all this, or does an agent take care of all that, I am in scotland uk, so it might be Leith Edinburgh, Glasgow, or maybe Newcastle, I don't know yet. I guess I will have customs vat and the freight charge, is a freight charge expensive, the boxes are 30kgs, 125/65/25 and maybe 10 at first. Any help really appreciated

Acquisition Cost? Jackson Company purchased equipment for $40,000 with terms 3/15, n/45. It did not pay for the equipment during the discount period. It also incurred freight costs of $800 to deliver the equipment, an installation fee of $1,000 and sales tax of $2,000. What is the acquisition cost of the equipment? Please show calculations.......Thanks!

Math Homework Help PLZ!?!? Represent the answer to the question in terms of the given variable(s): 1. A passenger train travels at a speed of v km/h. A freight train travels at a speed that is x km/h slower. How much farther can the passenger train travel thatn the freight train in h hours. plz tell how u figured out the answer, thanx

Accounting? Ex. 1 (16 pts.) On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct.4Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30. 6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30. 7Received credit from Lang Bicycle Company for the return of 2 defective bicycles. 13Issued a credit memo to Team America for the return of a defective bicycle. 14Paid Lang Bicycle Company in full, less discount. Instructions Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. Ex. 2 (11 pts.) Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system. (a)Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. (b)The customer in (a) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000. (c)Lewis received the balance due within the discount period. Ex. 3 (10 pts.) The following information is available for Tolan Company: Debit Credit Tolan, Capital$ 50,000 Tolan, Drawing$ 42,000 Sales510,000 Sales Returns and Allowances20,000 Sales Discounts7,000 Cost of Goods Sold337,000 Freight-out2,000 Advertising Expense15,000 Interest Expense19,000 Store Salaries Expense45,000 Utilities Expense18,000 Depreciation Expense7,000 Interest Revenue25,000 Instructions Using the above information, prepare the closing entries for Tolan Company. Ex. 4(16 pts.) The adjusted trial balance of Olsen Company contained the following information: Debit Credit Sales$580,000 Sales Returns and Allowances$ 20,000 Sales Discounts7,000 Cost of Goods Sold386,000 Freight-out2,000 Advertising Expense15,000 Interest Expense18,000 Store Salaries Expense50,000 Utilities Expense28,000 Depreciation Expense7,000 Interest Revenue30,000 Instructions 1.Use the above information to prepare a multiple-step income statement for the year ended December 31, 2005. Ex. 5(6 pts) The income statement of Miller, Inc. includes the items listed below: Net sales$900,000 Gross profit350,000 Beginning inventory100,000 Purchase discounts15,000 Purchase returns and allowances8,000 Freight-in10,000 Operating expenses300,000 Purchases540,000 Instructions Use the appropriate items listed above as a basis for determining: (a)Cost of goods sold. (b)Cost of goods available for sale. (c)Ending inventory. Ex. 6(6 pts) Morton Company uses the periodic inventory method and had the following inventory information available: UnitsUnit CostTotal Cost 1/1Beginning Inventory100$4$ 400 1/20Purchase400$52,000 7/25Purchase200$71,400 10/20Purchase 300$8 2,400 1,000$6,200 A physical count of inventory on December 31 revealed that there were 350 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. 1.Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________. 2.Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________. 3.Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________. Ex. 7(5 pts) Dexter Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed. CodeJournals SSales journal CRCash receipts journal CPCash payments journal PSingle-column purchases journal GGeneral Journal 1.Mr. Dexter invested cash in the business. 2.Purchased store supplies on account. 3.Sold merchandise to customer on account. 4.Purchased a 2-year fire insurance policy for cash. 5.Received a check from a customer as payment on account. 6.Paid for store supplies purchased in transaction 2. 7.Purchased merchandise on account. 8.Issued a credit memorandum to a customer who returned defective merchandise previously sold on account. 9.Purchased office equipment for cash. 10.Made an adjusting entry for store supplies used during the period.

Business Math...Urgent? I have a few that i can't figure out. They are as follows: An invoice dated January 15 for merchandise you bought added up to $876. The terms were 3/10, n/60, f.o.b. shipping point. When the goods arrived, you paid freight amounting to $8.50. On January 20 you returned goods billed at $26, and received credit therefore. You paid the bill on January 24. The amount of your check was... Choices: 815.22 816.00 824.50 850.00 An invoice dated June 6 has the terms 3/5, 2/30, n/60. What is the last day that the retailer can take advantage of the 3% discount? Choices June 9 June 11 June 30 July 6 An invoice for $355.75 is dated April 21 and has terms of 4/10, 1/30, n/60. What amount of money is needed to pay this invoice on May 1? Choices: 320.18 341.52 352.19 355.75 What amount of money is necessary to pay a bill for $658, dated September 21, terms of 3/15, n/60, if it is paid within 15 days of the date of invoice? Choices $263.20 $559.30 $638.26 $658.00 Please copy/paste questions and type the answers after them. Thanks in advance. Also, i am not taking this class. it is a preliminary round for a contest that i need help with. The teachers wont help me. They say ask the internet, siblings, parents, or books. So please help me. This is a 12th grade course and i'm only in 10th grade.

Inventory Accounting Help? Company X doing ending inventory as of 2/28/05 A) X shipped goods costing $800 to a customer and charged the customer $1000. The goods were shipped with terms FOB destination, customer received goods March 2. B) On February 26, Seller Inc. shipped goods to Company X under FOB shipping point. Goods were received March 2. C) Company X had $500 inventory in a warehouse. The inventory is designated for a customer who requested the goods be shipped March 10. D) Also in warehouse is $400 of inventory that Craft Producers shipped to Company X on consignment. E) On February 26, Company X issued a purchase order to get goods costing $750. The goods were shipped with terms FOB destination on February 27. Company X received the goods on March 2 F) On February 26, X shipped goods to a customer under terms FOB shipping point. The invoice price was $350 plus $25 for freight; the cost of the items was $280. Customer received items on March 2. For each transaction, should it be included in ending inventory, and if so, what amount?

For each transaction, indicate the amount of the item in question that should be included in ending inventory? a) On February 26, Kananaskis shipped goods costing $800 to a customer and charged the customer $1,000. The goods were shipped with terms FOB destination and the receiving report indicates that the customer received the goods on March 2. (b) On February 26, Seller Inc. shipped goods to Kananaskis under terms FOB shipping point. The invoice price was $350 plus $25 for freight. The receiving report indicates that the goods were received by Kananaskis on March 2. (c) Kananaskis had $500 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. (d) Also included in Kananaskis' warehouse is $400 of inventory that Craft Producers shipped to Kananaskis on consignment. (e) On February 26, Kananaskis issued a purchase order to acquire goods costing $750. The goods were shipped with terms FOB destination on February 27. Kananaskis received the goods on March 2. (f) On February 26, Kananaskis shipped goo