In 2006, Apple Inc sold inventory for 100,000 pounds to Nature, a British firm. The terms...
In 2006, Apple Inc sold inventory for 100,000 pounds to Nature, a British firm. The terms were FOB Destination and full payment in pounds was received on 1/14/07. The inventory was delivered on 11/28/06.
Direct spot rate information for the pound follows.
10/17/06 (order date) $1.60
11/28/06 (delivery date) $1.64
12/31/06 (Year end for Apple) $1.68
1/14/07 (payment date) $1.67
Prepare all the appropriate journal entries to be recorded on the books of Apple Ic. for the year 2006 and 2007.
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In 2006, Apple Inc sold inventory for 100,000 pounds to Nature,
a British firm. The terms...
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Problem 12-1 GAF manufactures electrical cells at its St. Louis facility. The company’s fiscal year-end is...
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
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17,474 pesos
$1.1291
9
Received raw materials...
Problem 12-1 GAF manufactures electrical cells at its St. Louis facility. The company’s fiscal year-end is...
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
located in Argentina. Cost per unit, $850.
17,474 pesos
$1.1291
9
Received raw materials...
Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold...
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1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
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Malibu, Inc., is a U.S. company that export goods to British. It plans to use put options to hedge receivables of 100,000 pounds in 90 days. Three put options are available that have an expiration date 90 days from now. Fill in the number of dollars needed to receive for the receivables (including the option premium paid) for each option available under each possible scenari Option A Option B Option C Scenario Spot rate of Probability Exercise price- $1.63 Exercise...
P13-11 Importing and Exporting Transactions; Hedges of Exposed Foreign Currency Asset and Lia- bility Positions; Identifiable Foreign Currency Commitment; Speculative Forward Exchange Contract; Intervening Balance Sheet Date Reynolds Corporation has extensive dealings with foreign suppliers and buyers. During the first six months of the fiscal year 19X5, Reynolds reported the following foreign transactions, all of which are denominated in the local currency of the respec- tive foreign firm. Reynolds prepares financial statements on June 30 and December 31 of each...
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
located in Argentina. Cost per unit, $850.
17,474 pesos
$1.1291
9
Received raw materials...
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
located in Argentina. Cost per unit, $850.
17,474 pesos
$1.1291
9
Received raw materials...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
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