Author Question: Jimmie Jones purchases merchandise from GPS Industries for 15,500 on account. The terms were FOB ... (Read 94 times)

stock · **on:** Jul 6, 2018

Jimmie Jones purchases merchandise from GPS Industries for 15,500 on account. The terms were FOB Destination with freight costs of 100 . Upon inspection of the merchandise received, Jimmie Jones discovers damaged goods in the amount of 2,500 and requests to return the damaged merchandise to GPS Industries. Once the return is processed, what is the new balance owed by Jimmie Jones?
a. 13,000
b. 13,100
c. 15,500
d. 15,600

Question 2

Government A makes pension contributions on behalf of its employees to both a defined benefit plan and a defined contribution plan.

Assume that the employer contributions for the fiscal year totaled 55,000 for the defined benefit plan and 35,000 for the defined contribution plan. The General Fund will report
a. total expenditures of 90,000
b. expenditures of 55,000 and transfers out of 35,000
c. transfers out of 90,000
d. transfers out of 55,000 and expenditures of 35,000
e. None of the above.