Intermediate Accounting, 10 Ed
Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 8, Problem 8.4Q

The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2018. Laetner received the shipment on January 3, 2019. December 31 is the fiscal year-end for both companies. The merchandise was shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if the shipment had instead been designated f.o.b. destination.

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The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2018. Laetner receivedthe shipment on January 3, 2019. December 31 is the fiscal year-end for both companies. The merchandisewas shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if theshipment had instead been designated f.o.b. destination.
The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2021. Laetner received the shipment on January 3, 2022. December 31 is the fiscal year-end for both companies. The merchandise was shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if the shipment had instead been designated f.o.b. destination.
On June 15, 2022, Lucas Corporation accepted delivery of merchandise which it purchased on account. As of June 30, Lucas had not recorded the transaction or included the merchandise in its inventory. The effect of this on its statement of financial position for June 30, 2022 would be

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Intermediate Accounting, 10 Ed

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