On January 1, 20X1, Popular Creek Corporation organized SunTime
Company as a subsidiary in Switzerland with an initial investment
cost of Swiss francs (SFr) 78,000. SunTime’s December 31, 20X1,
trial balance in SFr is as follows:
Debit | Credit | ||||||
Cash | SFr | 7,800 | |||||
Accounts Receivable (net) | 23,000 | ||||||
Receivable from Popular Creek | 5,700 | ||||||
Inventory | 28,500 | ||||||
Plant & Equipment | 104,000 | ||||||
Accumulated Depreciation | SFr | 10,900 | |||||
Accounts Payable | 12,700 | ||||||
Bonds Payable | 51,500 | ||||||
Common Stock | 78,000 | ||||||
Sales | 145,200 | ||||||
Cost of Goods Sold | 71,500 | ||||||
Depreciation Expense | 10,900 | ||||||
Operating Expense | 30,500 | ||||||
Dividends Paid | 16,400 | ||||||
Total | SFr | 298,300 | SFr | 298,300 | |||
Additional Information
SFr | $ | |||
January 1 | 1 | = | 0.73 | |
March 1 | 1 | = | 0.74 | |
November 1 | 1 | = | 0.77 | |
December 31 | 1 | = | 0.80 | |
20X1 average | 1 | = | 0.75 | |
Required:
Prepare a schedule translating the December 31, 20X1, trial balance
from Swiss francs to dollars. (If no adjustment is needed,
select 'No entry necessary'.)
Suntime company
trial balance translation schedule
december 31, 20x1
Cash
Accounts receivable (net)
receivable from popular creek
inventory
plant and equipment
cost of goods sold
depreciation expense
operating expense
dividends paid
total
total debits
accumulated depreciation
accounts payable
bonds payable
commmon stock sales
total
total credits
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with...
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 65.000. RoadTime's December 31, 20x1. trial balance in SFr is as follows Debit SFr 8.300 22,500 5.400 28.000 102,000 Credit Cash Accounts Recelvable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid SFr 10.900 13.900 51.500 65.000...
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 62,000. RoadTime's December 31, 20X1, trial balance in SFr is as follows Debit SFr 8,500 22.000 6,900 26,000 109,000 Credit Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock SFr 10,200 12,900 50,500 62,000 169,700 Sales Cost of Goods Sold 72,000 10,200 33,500 17,200 Depreciation...
On January 1, 20X1, Popular Creek Corporation organized SunTime
Company as a subsidiary in Switzerland with an initial investment
cost of Swiss francs (SFr) 75,000. SunTime’s December 31, 20X1,
trial balance in SFr is as follows:
Debit
Credit
Cash
SFr
8,800
Accounts Receivable (net)
23,500
Receivable from Popular Creek
5,300
Inventory
25,500
Plant & Equipment
110,000
Accumulated Depreciation
SFr
11,700
Accounts Payable
13,800
Bonds Payable
51,000
Common Stock
75,000
Sales
153,600
Cost of Goods Sold
71,000
Depreciation Expense
11,700
Operating...
On January 1, 20X1, Popular Creek Corporation organized RoadTime
Company as a subsidiary in Switzerland with an initial investment
cost of Swiss francs (SFr) 60,000. RoadTime’s December 31, 20X1,
trial balance in SFr is as follows:
Debit
Credit
Cash
SFr
7,000
Accounts Receivable (net)
20,000
Receivable from Popular Creek
5,000
Inventory
25,000
Plant & Equipment
100,000
Accumulated Depreciation
SFr
10,000
Accounts Payable
12,000
Bonds Payable
50,000
Common Stock
60,000
Sales
150,000
Cost of Goods Sold
70,000
Depreciation Expense
10,000
Operating...
Someone please help me answer this
On January 1, 20X1. Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 69,000. SunTime's December 31, 20X1. trial balance in SFr is as follows: Credit Debit SFr 8, 200 22, See 6. 209 28,500 185, ees Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation...
U.S. Industries has a subsidiary in Switzerland. The subsidiary’s financial statements are maintained in Swiss francs (CHF). Exchange rates ($/CHF) for selected dates are as follows: January 1, 2018 $1.02 November 30, 2020 $1.08 January 1, 2019 1.04 December 31, 2020 1.09 Average for 2020 1.06 The following items appear in the subsidiary’s trial balance at December 31, 2020: 1. Cash in bank, CHF4,000,000. 2. Inventory, CHF3,000,000. The inventory was acquired on November 30, 2020. 3. Machinery and equipment, CHF11,000,000....
Translation and Remeasurement of Account Balances U.S. Industries has a subsidiary in Switzerland. The subsidiary’s financial statements are maintained in Swiss francs (CHF). Exchange rates ($/CHF) for selected dates are as follows: January 1, 2018 $1.02 November 30, 2020 $1.08 January 1, 2019 1.04 December 31, 2020 1.09 Average for 2020 1.06 The following items appear in the subsidiary’s trial balance at December 31, 2020: 1. Cash in bank, CHF4,000,000. 2. Inventory, CHF3,000,000. The inventory was acquired on November 30,...
For December 31, 20X1, the balance sheet of Baxter Corporation
was as follows: Current AssetsLiabilitiesCash$13,000Accounts payable$15,000Accounts receivable18,000Notes payable23,000Inventory28,000Bonds payable53,000Prepaid expenses12,300Fixed AssetsStockholders’ EquityGross plant and equipment$253,000Preferred stock$23,000Less: Accumulated depreciation50,600Common stock58,000Paid in Capital28,000Net plant and equipment$202,400Retained earnings73,700Total assets$273,700Total liabilities and stockholders’ equity$273,700Sales for 20X2 were $235,000, and the cost of goods sold was 60
percent of sales. Selling and administrative expense was $23,500.
Depreciation expense was 11 percent of plant and equipment (gross)
at the beginning of the year. Interest expense for the...
For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash $ 20,000 Accounts payable $ 22,000 Accounts receivable 25,000 Notes payable 30,000 Inventory 35,000 Bonds payable 60,000 Prepaid expenses 13,000 Fixed Assets Stockholders’ Equity Gross plant and equipment $ 260,000 Preferred stock $ 30,000 Less: Accumulated depreciation 52,000 Common stock 65,000 Paid in Capital 35,000 Net plant and equipment $ 208,000 Retained earnings 59,000 Total assets $ 301,000 Total liabilities and stockholders’ equity...
For December 31, 20X1. the balance sheet of Baxter Corporation was as follows: Current Assets Cash Accounts receivable Inventory Prepaid expenses Fixed Assets Gross plant and equipment Less: Accumulated depreciation $ 25,000 33,000 63,000 Liabilities $ 23,000 Accounts payable 28,000 Notes payable 38,000 Bonds payable 13,300 Stockholders' Equity $ 263,000 Preferred stock 52,600 Common stock Paid in Capital $ 210,480 Retained earnings $ 312,700 Total liabilities and stockholders' equity Net plant and equipment Total assets $ 33,000 68,000 38,000 52,700...