Giant-Mart Purchased a Large Shipment of Shoes from Primus,Inc

question 144

Essay

Giant-Mart purchased a large shipment of shoes from Primus,Inc.on credit near the end of its accounting period.Primus shipped the shoes in January and Giant-Mart received the shoes in February.Assume that Giant-Mart's accounting period ends on January 31,while Giant's accounting period ends on May 31.Answer each independent question in the set that follows.
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Required
Under what shipping terms would Giant-Mart include the shoes as part of inventory on its January 31 balance sheet?

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Definitions:

Deposit Reached

Achieving the required minimum amount of money in an account to fulfill a particular condition.

Deposit Value

The amount of money placed in an account or invested, which can earn interest over time.

Interest Rate

The fraction at which a lender charges interest to a borrower for the amount of money lent.

Investment Guaranteed

A financial product promising the return of the principal amount plus predetermined earnings, minimizing risk for the investor.