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Question 23(a)
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Question 23 (a) Sterling Ltd. purchased a plant for US $ 20,000 on 31st December, 2011...
On 1 January 2011, Y Ltd purchased a new machine for $500 000. The estimated scrap...
On 1 January 2011, Y Ltd purchased a new machine for $500 000. The estimated scrap value of the machine is $20 000. The machine is depreciated straight-line over its useful life of 6 years. On 31 December 2012, Y Ltd sold the machine for $400 000 to a director of the company. The gain or loss on sale is: Select one: A. Gain on sale $60 000 B.Loss on sale $100 000 C.Loss on sale $80 000 o D.There...
Accounting for Foreign Transactions Masters Degree Level
Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2011, with payment of 20,000 korunas to be received on March 1, 2012.Brandlin enters into a forward contract on December 1, 2011, to sell 20,000 korunas on March 1, 2012. Relevant exchange rates for the koruna on various dates are asfollows:DateSpot RateForward Rate(to March 1, 2012)December 1, 2011$ 2.00$2.075December 31, 20112.102.200March 1, 20122.25N/ABrandlin's incremental borrowing rate is 12 percent. The present value factor for two months...
Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with...
Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 10,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 10,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31,...
Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with...
Brandlin Company of Anaheim, California, sells parts to a
foreign customer on December 1, 2017, with payment of 16,000
korunas to be received on March 1, 2018. Brandlin enters into a
forward contract on December 1, 2017, to sell 16,000 korunas on
March 1, 2018. Relevant exchange rates for the koruna on various
dates are as follows:
Date
Spot Rate
Forward Rate
(to March 1, 2018)
December 1, 2017
$
3.40
$
3.475
December 31, 2017
3.50
3.600
March 1,...
purchased by the 2ctive Problems nting mard's too le to s are ives ssets Su Lamp Ltd, an electrical goods manufactu...
purchased by the 2ctive Problems nting mard's too le to s are ives ssets Su Lamp Ltd, an electrical goods manufacturer, entered into the following transactions during the year 2009. Show how they should have been recorded by Su Lamp Ltd under Australian accounting regulations that year, and comment whether there are any differences in that reporting from what would be recorded if the company reported solely on the basis of Framework requirements. 1. Su Lamp Ltd experienced strong profit...
question cis clearly stated Exercise 2.2 A Zorba Company, a US-based importer of specialty olive oil,...
question cis clearly stated
Exercise 2.2 A Zorba Company, a US-based importer of specialty olive oil, placed olive oil at a price of 100 euro per case. The total purchase price is 30, Date Spot rate December 1, Year 1 $1 $1.08 December 31, Year 1 1.1 1.17 January 31, Year 2 1.15 1.15 Zorba Company has an incremental borrowing rate of 12 percent (1 per and prepares financial statements on December 31. The present value Tacto interest rate of...
1. Record the sales and foreign currency accounts receivable. 2. Record the forward contract. 3. Record the entry for changes in the exchange rate. 4. Record the change in the fair value of the forwa...
1. Record the sales and foreign currency accounts
receivable.
2. Record the forward contract.
3. Record the entry for changes in the exchange rate.
4. Record the change in the fair value of the forward
contract.
5. Record the gain or loss on the forward contract.
6. Record the allocation of the premium or discount.
7. Record the entry for changes in the exchange rate.
8. Record the entry to adjust the carrying value of the forward
contract to its...
questions i cant figure out?? Brandlin Company of Anaheim, California, purchases materials from a foreign supplier...
questions i cant figure out??
Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017 with payment of 17.000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 17.000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr). January 1, 2017 (16,000) 53,000 (44,000) (63,000) 133,000 59,000 (68,000) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense December 31, 2017 (27,500) 103,000 (49,000) (7,400) (63,000) 104,500 10.400...
On December 31, Year 1. Precision Manufacturing Inc. (PMI) of Edmonton purchased 100% of the outstanding...
On December 31, Year 1. Precision Manufacturing Inc. (PMI) of Edmonton purchased 100% of the outstanding ordinary shares of Sandora Corp. of Flint, Michigan Sandora's comparative statement of financial position and Year 2 income statement are as follows: STATENENT OF FINANCIAL POSITION At December 31 Year 2 plant and equipment (net) US$ 6,600,000 mentor 5,700,00 Accounts receivable 6,100,000 750,00 US$19,152,ese US$ 5,00, Retaimedearings Bons pleue Dec. 3. Year Year 1 US$ 7,300,eee 6,30e, cee 4,700,80 900.ece US$19, 2eeeee US$ 5.ee,...
On 1 January 2011, Y Ltd purchased a new machine for $500 000. The estimated scrap value of the machine is $20 000. The machine is depreciated straight-line over its useful life of 6 years. On 31 December 2012, Y Ltd sold the machine for $400 000 to a director of the company. The gain or loss on sale is: Select one: A. Gain on sale $60 000 B.Loss on sale $100 000 C.Loss on sale $80 000 o D.There...
Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 10,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 10,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31,...
Brandlin Company of Anaheim, California, sells parts to a
foreign customer on December 1, 2017, with payment of 16,000
korunas to be received on March 1, 2018. Brandlin enters into a
forward contract on December 1, 2017, to sell 16,000 korunas on
March 1, 2018. Relevant exchange rates for the koruna on various
dates are as follows:
Date
Spot Rate
Forward Rate
(to March 1, 2018)
December 1, 2017
$
3.40
$
3.475
December 31, 2017
3.50
3.600
March 1,...
purchased by the 2ctive Problems nting mard's too le to s are ives ssets Su Lamp Ltd, an electrical goods manufacturer, entered into the following transactions during the year 2009. Show how they should have been recorded by Su Lamp Ltd under Australian accounting regulations that year, and comment whether there are any differences in that reporting from what would be recorded if the company reported solely on the basis of Framework requirements. 1. Su Lamp Ltd experienced strong profit...
question cis clearly stated
Exercise 2.2 A Zorba Company, a US-based importer of specialty olive oil, placed olive oil at a price of 100 euro per case. The total purchase price is 30, Date Spot rate December 1, Year 1 $1 $1.08 December 31, Year 1 1.1 1.17 January 31, Year 2 1.15 1.15 Zorba Company has an incremental borrowing rate of 12 percent (1 per and prepares financial statements on December 31. The present value Tacto interest rate of...
1. Record the sales and foreign currency accounts
receivable.
2. Record the forward contract.
3. Record the entry for changes in the exchange rate.
4. Record the change in the fair value of the forward
contract.
5. Record the gain or loss on the forward contract.
6. Record the allocation of the premium or discount.
7. Record the entry for changes in the exchange rate.
8. Record the entry to adjust the carrying value of the forward
contract to its...
questions i cant figure out??
Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017 with payment of 17.000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 17.000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date...
The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr). January 1, 2017 (16,000) 53,000 (44,000) (63,000) 133,000 59,000 (68,000) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense December 31, 2017 (27,500) 103,000 (49,000) (7,400) (63,000) 104,500 10.400...
On December 31, Year 1. Precision Manufacturing Inc. (PMI) of Edmonton purchased 100% of the outstanding ordinary shares of Sandora Corp. of Flint, Michigan Sandora's comparative statement of financial position and Year 2 income statement are as follows: STATENENT OF FINANCIAL POSITION At December 31 Year 2 plant and equipment (net) US$ 6,600,000 mentor 5,700,00 Accounts receivable 6,100,000 750,00 US$19,152,ese US$ 5,00, Retaimedearings Bons pleue Dec. 3. Year Year 1 US$ 7,300,eee 6,30e, cee 4,700,80 900.ece US$19, 2eeeee US$ 5.ee,...
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