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25. Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15,...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 100,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15…………………….$0.60 September 30……………………….0.66 October 15……………………………0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.
Peerless Corporation (a U.S. company made a sale to a foreign customer on September 15, for 102,000 crowns. It r...
Peerless Corporation (a U.S. company made a sale to a foreign customer on September 15, for 102,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply Points $ September 15 September 30 October 15 0.59 0.54 0.50 eBook Print Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 103,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply September 15 September 30 October 15 $ e.60 e.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal...
Crown Corporation, a United States Company, made a sale to a foreign customer on September 15,...
Crown Corporation, a United States Company, made a sale to a foreign customer on September 15, 2018 in the amount of 100,000 FCU (foreign currency units). On the same day, as a hedge, Crown entered into a forward contract that will require the company to trade 100,000 FCU for dollars on October 15. The company closed its books and prepared financial statements on September 30. Crown's customer paid its account on October 15, 2018, and the forward contract was completed...
Foreign Currency Translation US. Multi Company established a foreign subsidiary, called EorSub Company, on January 1,...
Foreign Currency Translation US. Multi Company established a foreign subsidiary, called EorSub Company, on January 1, 2,013. The local currency is the crOwn; on the date the subsidiary was established, the exchange rate was 2 crowns to 1 U.S. dollar. U.S. Multi invested U.S.$6,000 to get things started. In addition, a local loan in the amount of 8,000 crowns, equivalent to U.S.$4,000, was obtained. EorSub used the 20,000 crowns in initial financing to acquire the following assets: (In crowns) 2,000...
On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for...
On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for 270,000 FCUs with payment to be received on April 30, 2018. At the date of sale, Bernard entered into a six-month forward contract to sell 270,000 FCUs. The company properly designates the forward contract as a cash flow hedge of a foreign currency receivable. The following exchange rates apply: Date November 1, 2017 December 31, 2017 April 30, 2018 Spot Rate $ 0.38 0.36...
On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for...
On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for 190,000 FCUs with payment to be received on April 30, 2018. At the date of sale, Bernard entered into a six-month forward contract to sell 190,000 FCUs. The company properly designates the forward contract as a cash flow hedge of a foreign currency receivable. The following exchange rates apply: Date Spot Rate Forward Rate (to April 30, 2018) November 1, 2017 $ 0.30 $...
Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with...
Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 28,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 28,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various...
Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with...
Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 28,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 28,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various...
On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,100,000...
On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,100,000 pesos and will receive payment in three months on September 1. On June 1, Alexander acquired an option to sell 1,100,000 pesos in three months at a strike price of $0.073. Relevant exchange rates and option premiums for the peso are as follows: Date June 1 June 30 September 1 Spot Rate $ 0.073 0.079 0.071 Put Option Premium for September 1 (strike price...
Peerless Corporation (a U.S. company made a sale to a foreign customer on September 15, for 102,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply Points $ September 15 September 30 October 15 0.59 0.54 0.50 eBook Print Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 103,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply September 15 September 30 October 15 $ e.60 e.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal...
Foreign Currency Translation US. Multi Company established a foreign subsidiary, called EorSub Company, on January 1, 2,013. The local currency is the crOwn; on the date the subsidiary was established, the exchange rate was 2 crowns to 1 U.S. dollar. U.S. Multi invested U.S.$6,000 to get things started. In addition, a local loan in the amount of 8,000 crowns, equivalent to U.S.$4,000, was obtained. EorSub used the 20,000 crowns in initial financing to acquire the following assets: (In crowns) 2,000...
On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for 270,000 FCUs with payment to be received on April 30, 2018. At the date of sale, Bernard entered into a six-month forward contract to sell 270,000 FCUs. The company properly designates the forward contract as a cash flow hedge of a foreign currency receivable. The following exchange rates apply: Date November 1, 2017 December 31, 2017 April 30, 2018 Spot Rate $ 0.38 0.36...
On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,100,000 pesos and will receive payment in three months on September 1. On June 1, Alexander acquired an option to sell 1,100,000 pesos in three months at a strike price of $0.073. Relevant exchange rates and option premiums for the peso are as follows: Date June 1 June 30 September 1 Spot Rate $ 0.073 0.079 0.071 Put Option Premium for September 1 (strike price...
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