Homework Answers
Answer:$3850 Loss
Payment to be received £ 35000
Exchange rate on sale date = $1.54
Exchange rate on payment date = $1.43
Foreign Exchange loss = ($1.43 - $1.54 ) x £ 35000 = ($3,850) Loss
Add Answer to:
Pigskin Co, U.S. corporation, sold inventory on credit to a British company on April 8, 2018....
5. On December 1, 2018, Keenan Company, a U.S. firm, sold merchandise to Velez Company of...
5. On December 1, 2018, Keenan Company, a U.S. firm, sold merchandise to Velez Company of Canada for 150,000 Canadian dollars (CAD). Collection of the receivable is due on February 1, 2019. Keenan purchased a foreign currency put option with a strike price of $.97 (U.S.) on December 1, 2018. This foreign currency option is designated as a cash flow hedge. Relevant exchange rates follow: Date Spot Rate Option Premium December 1, 2018 $ 0.97 $ 0.05 December 31, 2018...
1.3 The following table lists foreign exchange rates between U.S. dollars and British pounds during April...
1.3 The following table lists foreign exchange rates between U.S. dollars and British pounds during April Date U.S. Dollars per GBP 1.9564 1.9293 1.914 1.9374 1.961 1.8925 1.8822 1.8558 1.796 1.7902 1.7785 Date 4/18 4/19 4/20 4/21 4/22 4/25 4/26 4/27 4/28 4/29 U.S. Dollars per GBP 1.7504 1.7255 1.6914 1.672 1.6684 1.6674 1.6857 1.6925 1.7201 1.7512 4/4 4/5 4/6 4/8 4/12 4/13 4/14 4/15 Which day would have been the best day to convert $200 into British pounds? Which...
Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020,...
Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 dinars to be made on March 1, 2021. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021.Relevant exchange rates for the dinar on various dates are as follows: DateSpot RateForward Rate(to March 1, 2021)December 1, 2020$4.50$4.575December...
On May 8, 2019, Jett Company (a U.S. company) made a credit sale to Lopez (a...
On May 8, 2019, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 700,000 pesos on February 10, 2020. Jett prepares quarterly financial statements on March 31, June 30, September 30, and December 31. The exchange rates for pesos during the time the receivable is outstanding follow. May 8, 2019 $ 0.1977 June 30, 2019 0.1986 September 30, 2019 0.1997 December 31, 2019 0.1980 February 10,...
TOP Co. started 2018 with two assets: Cash of §26,000 (Stickles) and Land that originally cost...
TOP Co. started 2018 with two assets: Cash of §26,000 (Stickles) and Land that originally cost §72,000 when acquired on April 4, 2015. On May 1, 2018, the company rendered services to a customer for §36,000, an amount immediately paid in cash. On October 1, 2018, the company incurred an operating expense of §22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows: April...
Problem II. Translation/Remeasurement Adjustment Anna Co. started 2018 with two assets: Cash of $20,000 (Stickles) and...
Problem II. Translation/Remeasurement Adjustment Anna Co. started 2018 with two assets: Cash of $20,000 (Stickles) and Land that originally cost $72,000 when acquired on April 4, 2015. On May 1, 2018, the company rendered services to a customer for $36,000, an amount immediately paid in cash. On October 1, 2018, the company incurred an operating expense of $22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates...
Burton Manufacturing. Jason Stedman is the director of finance for Burton Manufacturing, a U.S.-based manufacturer of handheld computer systems for inventory management. Burton's system combines...
Burton Manufacturing. Jason Stedman is the director of finance for Burton Manufacturing, a U.S.-based manufacturer of handheld computer systems for inventory management. Burton's system combines a low-cost active tag that is attached to inventory items (the tag emits an extremely low-grade radio frequency) with custom designed hardware and software that tracks the low-grade emissions for inventory control. Burton has completed the sale of an inventory management system to a British firm, Pegg Metropolitan (UK), for a total payment of £1,200,000....
The following information applies to the questions displayed below.] Doering Company, a U.S. corporation with customers...
The following information applies to the questions displayed below.] Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2015 and 2016. 2015 Apr. 8 Sold merchandise to Salinas & Sons of Mexico for $5,938 cash. The exchange rate for pesos is $0.1043 on this day. July 21 Sold merchandise on credit to Sumito Corp. in Japan. The price of 1.5 million yen is to be paid 120 days from the...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used it as his personal principal residence for the last three years. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: $10,000 $250,000 $260,000 $0 Flag this Question Question 222.56 pts Jody purchased a...
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world....
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C$). As of December 31, 2017, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S....
1.3 The following table lists foreign exchange rates between U.S. dollars and British pounds during April Date U.S. Dollars per GBP 1.9564 1.9293 1.914 1.9374 1.961 1.8925 1.8822 1.8558 1.796 1.7902 1.7785 Date 4/18 4/19 4/20 4/21 4/22 4/25 4/26 4/27 4/28 4/29 U.S. Dollars per GBP 1.7504 1.7255 1.6914 1.672 1.6684 1.6674 1.6857 1.6925 1.7201 1.7512 4/4 4/5 4/6 4/8 4/12 4/13 4/14 4/15 Which day would have been the best day to convert $200 into British pounds? Which...
Problem II. Translation/Remeasurement Adjustment Anna Co. started 2018 with two assets: Cash of $20,000 (Stickles) and Land that originally cost $72,000 when acquired on April 4, 2015. On May 1, 2018, the company rendered services to a customer for $36,000, an amount immediately paid in cash. On October 1, 2018, the company incurred an operating expense of $22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates...
Burton Manufacturing. Jason Stedman is the director of finance for Burton Manufacturing, a U.S.-based manufacturer of handheld computer systems for inventory management. Burton's system combines a low-cost active tag that is attached to inventory items (the tag emits an extremely low-grade radio frequency) with custom designed hardware and software that tracks the low-grade emissions for inventory control. Burton has completed the sale of an inventory management system to a British firm, Pegg Metropolitan (UK), for a total payment of £1,200,000....
Ch 08 P-35 A Saved Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C$). As of December 31, 2017, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S....
Most questions answered within 3 hours.
-
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 46 seconds from now -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 18 minutes ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 20 minutes ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 1 hour ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 1 hour ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 1 hour ago -
DO NOT ANSWER IF YOU ARE UNSKILLED IN THIS AREA! TYPE OR WRITE
EACH ANSWER CLEARLY!!...
asked 1 hour ago -
how many moles of sodium are there in 3.41 moles of the
following compounds
NaCl
Na2SO4...
asked 1 hour ago -
1.1: Draw a position vs. time graph for a sprinter
running a 100 m dash. Label...
asked 1 hour ago -
A uniform electric field exists in a region between two
oppositely charged plates. An electron is...
asked 1 hour ago -
The energy levels of a quantum mechanical system are given by
the equation: En = -hfo/√n^2+9....
asked 2 hours ago -
Calculate the molality of an aqueous solution of iron (II)
nitrate with a solute mole fraction...
asked 2 hours ago