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Question3: During December 2018 of the current year, Earmark Systems, Inc., a company based in Seattle,...
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle,...
Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
Prepare journal entries...
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle,...
Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
(a)
Prepare journal...
The answer above was given in a prior post but it was incorrect as well. The...
The answer above was given in a prior post but it was incorrect
as well. The way i understand the question is that if the company
sold seven office computers for 7,992,000 dollars,
what would the entry look like. However, that didnt work.
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec. 10 12 Sold seven office computers to a company located in Colombia for 7,992,000...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican
supplier on December 15. The invoice specifies that payment is to
be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos.
Your company operates on a calendar year basis.
Assume the following exchange rates and dates:
December 15……………..$0.04:1 Peso
December 31……………..$0.05:1 Peso
March 15…………………..$0.06:1 Peso
Submission Requirements:
Prepare a PowerPoint slide presentation answering the
following:
The journal entry by your company on December 15, the adjusting
entry...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso Submission Requirements: Prepare a PowerPoint slide presentation illustrating the following: The journal entry by your company on December 15, the adjusting entry...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso The journal entry by your company on December 15, the adjusting entry on December 31, and the payment entry on March 15....
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso The journal entries are as follows: Date Account Dr Cr 15-Dec Inventory 6,000 Accounts Payable 6,000 To record purchase of...
On March 31, 2018, Chow Brothers, Inc., bought 5% of KT Manufacturing’s capital stock for $55.7...
On March 31, 2018, Chow Brothers, Inc., bought 5% of KT Manufacturing’s capital stock for $55.7 million. KT’s net income for the year ended December 31, 2018, was $81.9 million. The fair value of the shares held by Chow was $38.8 million at December 31, 2018. KT did not declare or pay a dividend during 2018. Required: 1. Prepare all appropriate journal entries related to the investment during 2018. - Record the purchase of KT Manufacturing’s capital stock for $55.7...
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 December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
Prepare journal entries...
Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
(a)
Prepare journal...
The answer above was given in a prior post but it was incorrect
as well. The way i understand the question is that if the company
sold seven office computers for 7,992,000 dollars,
what would the entry look like. However, that didnt work.
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec. 10 12 Sold seven office computers to a company located in Colombia for 7,992,000...
Assume that your company purchases inventories from a Mexican
supplier on December 15. The invoice specifies that payment is to
be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos.
Your company operates on a calendar year basis.
Assume the following exchange rates and dates:
December 15……………..$0.04:1 Peso
December 31……………..$0.05:1 Peso
March 15…………………..$0.06:1 Peso
Submission Requirements:
Prepare a PowerPoint slide presentation answering the
following:
The journal entry by your company on December 15, the adjusting
entry...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
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