Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1 2016....
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 190,000 Inventory (bought on 3/1/17) 95,000 Equipment (bought on 1/1/16) 58,000 Rent expense 12,000 Dividends (declared on 10/1/17) 22,000 Notes receivable (to be collected in 2020) 35,000 Accumulated depreciation—equipment 17,400 Salary payable 4,800 Depreciation expense 5,800 The following U.S.$ per KQ exchange rates...
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 280,000 Inventory (bought on 3/1/17) 168,000 Equipment (bought on 1/1/16) 76,000 Rent expense 18,000 Dividends (declared on 10/1/17) 26,000 Notes receivable (to be collected in 2020) 44,000 Accumulated depreciation—equipment 22,800 Salary payable 6,600 Depreciation expense 7,600 The following U.S.$ per KQ exchange rates...
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales Inventory (bought on 3/1/17) Equipment (bought on 1/1/16) Rent expense Dividends (declared on 10/1/17) Notes receivable (to be collected in 2020) Accumulated depreciation-equipment Salary payable Depreciation expense KQ 300,000 165,000 80,000 20,000 28,000 46,000 24,000 7,000 8,000 The following U.S.$ per KQ exchange rates...
ancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 170,000 Inventory (bought on 3/1/17) 85,000 Equipment (bought on 1/1/16) 54,000 Rent expense 12,000 Dividends (declared on 10/1/17) 20,000 Notes receivable (to be collected in 2020) 33,000 Accumulated depreciation—equipment 16,200 Salary payable 4,400 Depreciation expense 5,400 The following U.S.$ per KQ exchange rates...
Return to question Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales Inventory (bought on 3/1/17) Equipment (bought on 1/1/16) Rent expense Dividends (declared on 10/1/17) Notes receivable (to be collected in 2020) Accumulated depreciation-equipment Salary payable Depreciation expense KQ 320,000 176,000 84,000 20,000 28,000 48,000 25, 200 7,400 8,400 The following U.S.$...
Lancer, Inc. (a U.S.-based company), establishess a subsldiary In a forelgn country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated In kanquo (KQ). the local currency: 378,e0e 283,50e 94,e0e Sales ко Inventory (bought on 3/1/17) Equipnent (bought on 1/1/16) Rent expense 24,eee 30,eee 53,eee 28,200 8,400 9,400 Dividends (declared on 18/1/17) Notes receivable (to be collected in 2828) Accumulated depreciation-equipnent Salary payable Depreciation expense The following U.S.$ per KQ exchange rates...
Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency:Sales $ 200,000.00Inventory (bought on 3/1/17) $ 100,000.00Equipment (bought on 1/1/16) $ 80,000.00Rent expense $ 10,000.00Dividends (declared on 10/1/17) $ 20,000.00Notes receivable (to be collected in 2020) $ 30,000.00Accumulated depreciation—equipment $ 24,000.00Salary payable $ 5,000.00Depreciation expense $ 8,000.00 The following U.S.$ per KQ exchange rates are applicable:1-Jan-16 $ 0.13Average for...
Check my work Kingsfield establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the kumquat (KQ). TO start this business, Kingsfield invests 10,000 kumquats. Of this amount, it spends 3,000 kumquats immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the kumquat for 2017 follow. $ 1.71 January 1 April...
Foregn Curremty Sumi Reor Origin Gas establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the Euro(€). To start this business. Origin Gas invests 20,000 Euro. this amount,it spends 6,000 Euro(E) immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the Euro(€) for 2017 follow January 1 April 1 June...
Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle (S) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November...