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Q. What is FOB shipping point?
FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded on a railroad car or truck at the point of shipment. Therefore the buyer is responsible for ultimately paying the freight charges.
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
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a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
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