Homework Answers
Solution 4 :
Option 4 is correct : All of the above are acceptable options.
Other comprehensive income can be reported in one of three ways:
(1) a second separate income statement,
(2) a combined income statement of comprehensive income, or
(3) as part (separate columns) of the statement of stockholders’ equity.
However the method chosen should be based on which one provides the most useful information.
Hence all of the options are correct.
Add Answer to:
W U -212018_1&course_id=_92122_1&conten Question Completion Status: Neither 1 or 2 QUESTION 4 The results from a...
5) Orange and Blue forned a partnership and share profits 3:1. Their S80,000 and S70,000, respectively....
5) Orange and Blue forned a partnership and share profits 3:1. Their S80,000 and S70,000, respectively. If Gold purchases 25% of their capital interests directly from Orange and Blue for 560,000, and goodwill is recorded before the amount of goodwill recognized in this transaction? currernt capital belances are A) $37,500 B) $30,000 C) $60,000 D) $90,000 E) $240,000 If a company uses the equity method to account for its investment in subsidiaries that it holds significant influence over, how does...
a. In accordance with International Financial Reporting Standards (IFRS), which translation combination would be appropriate for...
a. In accordance with International Financial Reporting Standards (IFRS), which translation combination would be appropriate for a foreign operation whose functional currency is the currency of the host country (foreign currency)? Method Treatment of Translation Adjustment Temporal Separate component of stockholders' equity b. Temporal Gain or loss in income statement Current rate Separate component of stockholders' equity d. Current rate Gain or loss in income statement The functional currency of Garland Inc.'s Japanese subsidiary is the Japanese yen. Garland borrowed...
Please solve for multiple choice in images. Question 19 5 pts Xena Corporation has a foreign...
Please solve for multiple choice in images.
Question 19 5 pts Xena Corporation has a foreign subsidiary, Zeta Corporation, located in Japan. At the end of fiscal 2016, Zeta has: Non-monetary assets Monetary assets Non-monetary liabilities Monetary liabilities 55 million Yen 20 million Yen 30 million Yen 25 million Yen Assume Xena uses the current rate method for translating Zeta's financial statements from the yen into U.S. dollars. If the yen appreciates relative to the dollar, which of the following...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the year (on the collection of its accounts receivable from a foreign customer). Star had a $7,000 credit resulting from the translation to dollars of the accounts of its wholly-owned foreign subsidiary for the year. Star had an account payable to an unrelated foreign supplier to be paid in the supplier's local currency. The dollar equivalent of the payable was $60,000 on...
Correct me if I am wrong but I believe: 1. T 2. D 3. Sweden?? (or Ireland???) 4. C?? True or False _ 1. From a U.S. buy...
Correct me if I am wrong but I believe:
1. T
2. D
3. Sweden?? (or Ireland???)
4. C??
True or False _ 1. From a U.S. buyer's and seller's perspective, appreciation of the foreign currency will generate foreign exchange gains on receivables created from its export sale of goods to foreign buyers and foreign exchange losses on payables created from its import purchase of goods from foreign sellers. Multiple Choice 2. U.S. based General Motors has a Japanese yen...
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with...
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...
31. The appropriate exchange rate for translating a plant asset in the balance sheet of a...
31. The appropriate exchange rate for translating a plant asset in the balance sheet of a foreign subsidiary in which the functional currency is the U.S. dollar is the A) forward rate. B) current exchange rate. C) average exchange rate for the current year. D) historical exchange rate in effect when the plant asset was acquired or the date of acquisition, whichever is later. 32. A foreign subsidiary's functional currency is its local currency which has not experienced significant inflation....
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an in...
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...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive Income is 25%. Each component of other comprehensive Income is displayed net of tax. 5...
Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 ( in...
Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 ( in thousands of Canadian dollars) Debit Credit Retained earnings,31 December $40,000 Sales revenue 18,000 Interest expense 780 Cost of sales 8,000 Accumulated other comprehensive income,31 December 20X7 1,350 Dividends paid 2,000 Foreign currency gains and losses on 20X8 transactions 3,000 Income tax expense 1,120 Selling and administrative expense 3,400 Amortization on furniture and fixture for 20X8 1,050 Write-off obsolete inventory 530 Impairment of tangible...
5) Orange and Blue forned a partnership and share profits 3:1. Their S80,000 and S70,000, respectively. If Gold purchases 25% of their capital interests directly from Orange and Blue for 560,000, and goodwill is recorded before the amount of goodwill recognized in this transaction? currernt capital belances are A) $37,500 B) $30,000 C) $60,000 D) $90,000 E) $240,000 If a company uses the equity method to account for its investment in subsidiaries that it holds significant influence over, how does...
a. In accordance with International Financial Reporting Standards (IFRS), which translation combination would be appropriate for a foreign operation whose functional currency is the currency of the host country (foreign currency)? Method Treatment of Translation Adjustment Temporal Separate component of stockholders' equity b. Temporal Gain or loss in income statement Current rate Separate component of stockholders' equity d. Current rate Gain or loss in income statement The functional currency of Garland Inc.'s Japanese subsidiary is the Japanese yen. Garland borrowed...
Please solve for multiple choice in images.
Question 19 5 pts Xena Corporation has a foreign subsidiary, Zeta Corporation, located in Japan. At the end of fiscal 2016, Zeta has: Non-monetary assets Monetary assets Non-monetary liabilities Monetary liabilities 55 million Yen 20 million Yen 30 million Yen 25 million Yen Assume Xena uses the current rate method for translating Zeta's financial statements from the yen into U.S. dollars. If the yen appreciates relative to the dollar, which of the following...
9. Refer to the following fact pattern: Star Corporation had a realized foreign exchange loss of $11,000 for the year (on the collection of its accounts receivable from a foreign customer). Star had a $7,000 credit resulting from the translation to dollars of the accounts of its wholly-owned foreign subsidiary for the year. Star had an account payable to an unrelated foreign supplier to be paid in the supplier's local currency. The dollar equivalent of the payable was $60,000 on...
Correct me if I am wrong but I believe:
1. T
2. D
3. Sweden?? (or Ireland???)
4. C??
True or False _ 1. From a U.S. buyer's and seller's perspective, appreciation of the foreign currency will generate foreign exchange gains on receivables created from its export sale of goods to foreign buyers and foreign exchange losses on payables created from its import purchase of goods from foreign sellers. Multiple Choice 2. U.S. based General Motors has a Japanese yen...
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...
31. The appropriate exchange rate for translating a plant asset in the balance sheet of a foreign subsidiary in which the functional currency is the U.S. dollar is the A) forward rate. B) current exchange rate. C) average exchange rate for the current year. D) historical exchange rate in effect when the plant asset was acquired or the date of acquisition, whichever is later. 32. A foreign subsidiary's functional currency is its local currency which has not experienced significant inflation....
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...
Saved Help Week 3: Homework Submit Save & Exit Check my work 4 The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive Income is 25%. Each component of other comprehensive Income is displayed net of tax. 5...
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 31 minutes ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 1 hour ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 3 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 3 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 3 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 3 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 4 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 4 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 8 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 8 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 8 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 9 hours ago