Homework Answers
| Livingston Company | ||
| Income Statement | ||
| For the year ending December 31, 2018 | ||
| Particulars | Amount ($) | Exchange rate used |
| Sales | 429,300.00 | Weighted average |
| Cost of goods sold | (246,450.00) | Weighted average |
| Gross Profit | 182,850.00 | |
| Less: Operating Expenses | (85,860.00) | Weighted average |
| Gain on sale of equipment | 17,200.00 | 1-Sep-17 |
| Net Income | 114,190.00 |
| Livingston Company | ||
| Statement of Retained Earnings | ||
| For the year ending December 31, 2018 | ||
| Particulars | Amount ($) | Exchange rate used |
| Retained Earnings 1/1 | 396,520.00 | Given |
| Net Income | 114,190.00 | |
| Less: Dividends | (41,860.00) | 1-Apr-17 |
| Retained Earnings 12/31 | 468,850.00 |
| Livingston Company | ||
| Balance Sheet | ||
| 31-Dec-18 | ||
| Particulars | Amount ($) | Exchange rate used |
| Assets | ||
| Cash | 67,760.00 | 31-Dec-18 |
| Receivables | 178,640.00 | 31-Dec-18 |
| Inventory | 92,220.00 | Weighted average |
| Plant Property and Equipment (Net) | 678,000.00 | 2011 rate |
| Total Assets | 1,016,620.00 | |
| Liabilities and Equities | ||
| Liabilities | 271,040.00 | 31-Dec-18 |
| Common Stock | 249,600.00 | 2010 rate |
| Retained Earnings, 12/31/17 | 468,850.00 | |
| Translation Adjustment | 27,130.00 | |
| Total Liabilities and Equities | 1,016,620.00 |
Add Answer to:
Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 98,000 pounds. The subsidiary immediately borrowed 235,000 pounds ona five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 333,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary rented...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 74,000 pounds. The subsidiary immediately borrowed 175,000 pounds on a five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 249,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...
Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015,...
Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 86,000. This subsidiary immediately borrowed LCU 215,000 on a five-year note with 9 percent interest payable annually beginning on January 1, 2016. The subsidiary then purchased for LCU 301,000 a building that had a 10-year anticipated life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, the subsidiary rents the building for three...
ullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
ullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 55,000 pounds. The subsidiary immediately borrowed 145,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 200,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 Plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112,000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders' $ 1,410,000 equity $ 426,000 96,000 34,000 68,000...
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world....
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C$). As of December 31, 2017, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S....
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 96,000 pounds. The subsidiary immediately borrowed 230,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 326,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 201, the subsidiary...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 96,000 pounds. The subsidiary immediately borrowed 230,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 326,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112.000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders $ 1,410,000 equity $426,000 96,000 34,000 68,000 14,000...
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1 2016....
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales Inventory (bought on 3/1/17) Equipment (bought on 1/1/16) Rent expense Dividends (declared on 10/1/17) Notes receivable (to be collected in 2020) Accumulated depreciation-equipment Salary payable Depreciation expense KQ 260,000 156,000 72,000 16,000 26,000 42,000 21,600 6,200 7,200 The following U.S.S per KQ exchange rates...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 98,000 pounds. The subsidiary immediately borrowed 235,000 pounds ona five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 333,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary rented...
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 74,000 pounds. The subsidiary immediately borrowed 175,000 pounds on a five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 249,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...
Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 86,000. This subsidiary immediately borrowed LCU 215,000 on a five-year note with 9 percent interest payable annually beginning on January 1, 2016. The subsidiary then purchased for LCU 301,000 a building that had a 10-year anticipated life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, the subsidiary rents the building for three...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 Plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112,000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders' $ 1,410,000 equity $ 426,000 96,000 34,000 68,000...
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C$). As of December 31, 2017, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S....
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 96,000 pounds. The subsidiary immediately borrowed 230,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 326,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 201, the subsidiary...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112.000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders $ 1,410,000 equity $426,000 96,000 34,000 68,000 14,000...
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales Inventory (bought on 3/1/17) Equipment (bought on 1/1/16) Rent expense Dividends (declared on 10/1/17) Notes receivable (to be collected in 2020) Accumulated depreciation-equipment Salary payable Depreciation expense KQ 260,000 156,000 72,000 16,000 26,000 42,000 21,600 6,200 7,200 The following U.S.S per KQ exchange rates...
Most questions answered within 3 hours.
-
A 4.45 percent coupon municipal bond has 12 years left to
maturity and has a price...
asked 8 minutes ago -
13. In the book, “The Goal” to what country does Alex convince
Johnny the company should...
asked 10 minutes ago -
Write a simple Python program to find the day for the given
date. The procedure to...
asked 15 minutes ago -
5) A semi-permeable membrane is used to separate pyruvic acid
from an aqueous solution of 0.1...
asked 18 minutes ago -
The resistance of the body varies from approximately 500 kΩ
(when it is very dry) to...
asked 22 minutes ago -
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 31 minutes ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 47 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 51 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 50 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 56 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 54 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 1 hour ago
> Balance sheet inventory/translation/ ppe incorrect
Angel London Wed, Nov 24, 2021 8:37 PM