If Breyer company bought inventory fob shipping point from cellar company for $4,000 cash, including shipping charges. The company that should include these goods in its December 31 inventory is: Breyer should include the 4,000 in its inventory
Breyer company should include the amount of $4,000 which is the amount paid in cash for purchasing or buying from Cellar company in its December 31 inventory.
Reason been that Breyer company has already paid for the goods including the cost of shipping the goods.
Even though the goods were not delivered to Breyer before December 31 but till January 3, Breyer has the right to include the amount of $4,000 in its inventory because the goods is no longer in the seller who is Cellar company possession again and because the goods has been paid for .
Inconclusion if Breyer company bought inventory fob shipping point from cellar company for $4,000 cash, including shipping charges. The company that should include these goods in its December 31 inventory is: Breyer should include the 4,000 in its inventory.
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The inventory should be included in the December 31 inventory of Breyer Company due to the terms of the transaction being FOB shipping point, which signifies that the ownership of goods transfers to the buyer once the goods are shipped.
The inventory should be included in the December 31 inventory of Breyer Company. This is due to the mention that the purchase was made FOB shipping point. FOB stands for Free On Board, which is a term in commercial law. FOB shipping point signifies that the ownership of goods is transferred to the buyer (Breyer Company in this case) once the seller (Cellar Company) ships the goods. Therefore, even though the goods were still on the truck owned by Common Carrier Company and not yet arrived, they should be included in the inventory of Breyer Company on December 31 because it became their responsibility once the goods were shipped.
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Answer: Yes, risk reduction methods often have costs that are both monetary and non-monetary.
Answer:
The $160,000 will be reported on the December 31, 2016, balance sheet as accounts payable
Explanation:
Account payable: The account payable is the amount in which the purchase of an item on a credit basis is recorded and the payment is to be made at the later date. It has come under the current liabilities on the balance sheet side.
In the given question, the purchase of inventory is made for $160,000 on a credit basis. Along with it, the receipt is also taken from the supplier. So, the same amount i.e $160,000 will be recorded in accounts payable
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Answer:
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Explanation:
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