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Chapter 3

Chapter 3 - Co The terms of the sale are 2/10 n/30 FOB...

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Chapter 3 Response Pad Questions 1 On Dec. 29, 2009 Barnett Co. ships \$200,000 of merchandise by common carrier to Jenton Co.  The terms of the sale are 2/10, n/30, FOB shipping point.  It takes 4 days for the merchandise to arrive at Jenton Co.  Both companies have Dec. 31 year-ends.  How long does Jenton Co. have to take the discount? A 2 days B 4 days C 10 days D 30 days 2 On Dec. 29, 2009 Barnett Co. ships \$200,000 of merchandise by common carrier to Jenton Co.  The terms of the sale are 2/10, n/30, FOB shipping point.  It takes 4 days for the merchandise to arrive at Jenton Co.  Both companies have Dec. 31 year-ends.    How much is the discount? A \$4,000 B \$10,000 C \$30,000 D None of the above. 3 On Dec. 29, 2009 Barnett Co. ships \$200,000 of merchandise by common carrier to Jenton

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Unformatted text preview: Co. The terms of the sale are 2/10, n/30, FOB shipping point. It takes 4 days for the merchandise to arrive at Jenton Co. Both companies have Dec. 31 year-ends. How long until the invoice is past due? A 2 days B 4 days C 15 days D 30 days 4 On Dec. 29, 2009 Barnett Co. ships \$200,000 of merchandise by common carrier to Jenton Co. The terms of the sale are 2/10, n/30, FOB shipping point. It takes 4 days for the merchandise to arrive at Jenton Co. Both companies have Dec. 31 year-ends. Who will show the inventory on their 12/31/09 balance sheet? A Barnett Company B Jenton Company C Neither company D I don't know...
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