Question 8 (a) Who bears the freight when the terms of the sale are FOB shipping

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Question 8
(a) Who bears the freight when the terms of the sale are FOB shipping point?

(b) Who bears the freight when the terms of the sale are FOB destination?

Question 9
(a) If operations for an accounting period resulted in cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period?

(b) What is the amount of net income or net loss?

(c) If liabilities are $65,000 and owner’s equity is $35,000, the amount of the assets is:

(d) If assets are $205,000 and owner’s equity is $75,000, the amount of the liabilities is:

Question 11
The following balance sheet data for Lester’s Company are shown below:

2011: Current Assets = $288,000; Current Liabilities = $120,000

2010: Current Assets = $171,000; Current Liabilities = $ 90,000

(a) Calculate the working capital for 2011 and 2010.

(b) Calculate the current ratio for 2011 and 2010.

Explanation / Answer

question (9) (a) net income (b) net income = $55,000-$50,000 = $5,000 (c) ASSETS = LIABILITIES+OWNERS EQUITY assets = $65,000+$35000 = $100,000 (d) A= L+E $205,000 = L+$75,000 L = $170,000 now i hope u get all answer

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