Homework Answers
1. Annual Change in Translation Adjustment for Year 1 = $550 (Loss)
2. Cumulative Translation Adjustment as the end of year 1 = $550 (Loss)
3. Annual Change in Translation Adjustment for Year 2 = $6250 (Loss)
4. Cumulative Translation Adjustment as the end of year 2 = 550+6250=$6800 (Loss)
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Question #1: What is the annual change in the translation adjustment for Year 1? Question #2: What is the cumulative tr...
On January 1, 2019, Purple Inc. acquired Yellow Company as a wholly-owned subsidiary in Canada for...
On January 1, 2019, Purple Inc. acquired Yellow Company as a wholly-owned subsidiary in Canada for $51,000 (US$). Yellow’s Dec 31, 2019 pre-closing Trial Balance in Canadian dollar (CAN$) is as follows: (in CAN$) Accounts Debit Credit Current assets 57,000 PP&E, net 90,000 Liabilities 62,000 Common stock 60,000 Retained earnings 0 Sales 150,000 COGS and Expenses 110,000 Dividends 15,000 Total 272,000 272,000 Additional information: a) Canadian dollar is the functional currency for Yellow Company. b) Dividends were declared and paid...
every question requires this year and last year 1) working capital (this and last year) 2)...
every question requires this year and last year
1) working capital (this and last year)
2) the current ratio
3) average collection period (use 365 days in a year)
(accounts recievable at the beginning if kast year totaled
1,670,000)
4) average sale period (365 days in a year, inventory of
beginning of kast year is 2,030,000)
5) operating cycle
6) total asset turnover (totaled at the beginning if last year
at 14,610,000)
Lydex Company Comparative Balance Sheet This Year Last...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Ic., a...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Ic., a Norwegian company, at a cost of $167,400. Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18.000....
Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000 cash. Immediately after...
Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000 cash. Immediately after the acquisition, the two companies have the following account balances. Clay's equipment (with a five-year remaining life) is actually worth $440,000. Credit balances are indicated by parentheses. Current assets Investment in Clay Equipment Liabilities Common stock Retained earnings, 1/1/17 Adams $ 300,000 510,000 600,000 (200,000) (350,000) (860,000) Clay $ 220,000 0 390,000 (160,000) (150,000) (300,000) In 2017, Clay earns a net income of $55,000...
Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $567,000...
Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $567,000 in cash. The subsidiary's stockholders' equity accounts totaled $551,000 and the noncontrolling interest had a fair value of $63,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $38,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (five-year remaining life). Brey reported net income from its own...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year 2 Account Difference Percent Difference $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174,000 $ -32,000 +25,000 -24,000 $ -31,000 -653 +500.0 -15.9 15.1 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets...
Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of...
Required:
1. Prepare journal entries to record each of these
transactions.
2. Prepare a statement of retained earnings for
the year ended December 31, 2019.
3. Prepare the stockholders’ equity
Please answer in this format, THANK YOU!!
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 900,000 70,000 370,000...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year 2 Account Difference Percent Difference $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174,000 $ -32,000 +25,000 -24,000 $ -31,000 -653 +500.0 -15.9 15.1 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets...
Comparative Balance Sheet AgBiz Corporation Account December 31, Year 1 December 31, Year 2 Difference Percent...
Comparative Balance Sheet AgBiz Corporation Account December 31, Year 1 December 31, Year 2 Difference Percent Difference Assets $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174.000 $ -32,000 +25,000 -24,000 $ -31,000 -65.3 +500.0 -15.9 -15.1 +160,000 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets 250,000 500,000...
1. For a horizontal analysis, what is the percent change in revenues for year 3? Convert...
1. For a horizontal analysis, what is the percent change in
revenues for year 3? Convert your final answer to a percentage, and
round one decimal place.
2. What is the company's current ratio for year 2? Round your
final answer to two decimal places.
The Hill Company reported the following results: Year 3 Year 2 Year 1 Income Statement 10,972 11,598 8,767 10,470 7,901 8,942 Revenue Cost of Goods Sold Selling, General & Admin. Expenses Interest expense Net Income...
every question requires this year and last year
1) working capital (this and last year)
2) the current ratio
3) average collection period (use 365 days in a year)
(accounts recievable at the beginning if kast year totaled
1,670,000)
4) average sale period (365 days in a year, inventory of
beginning of kast year is 2,030,000)
5) operating cycle
6) total asset turnover (totaled at the beginning if last year
at 14,610,000)
Lydex Company Comparative Balance Sheet This Year Last...
On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Ic., a Norwegian company, at a cost of $167,400. Ship's net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18.000....
Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000 cash. Immediately after the acquisition, the two companies have the following account balances. Clay's equipment (with a five-year remaining life) is actually worth $440,000. Credit balances are indicated by parentheses. Current assets Investment in Clay Equipment Liabilities Common stock Retained earnings, 1/1/17 Adams $ 300,000 510,000 600,000 (200,000) (350,000) (860,000) Clay $ 220,000 0 390,000 (160,000) (150,000) (300,000) In 2017, Clay earns a net income of $55,000...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year 2 Account Difference Percent Difference $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174,000 $ -32,000 +25,000 -24,000 $ -31,000 -653 +500.0 -15.9 15.1 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets...
Required:
1. Prepare journal entries to record each of these
transactions.
2. Prepare a statement of retained earnings for
the year ended December 31, 2019.
3. Prepare the stockholders’ equity
Please answer in this format, THANK YOU!!
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 900,000 70,000 370,000...
Class Assignment 16 Comparative Balance Sheet AgBiz Corporation December 31, Year 1 Assets December 31, Year 2 Account Difference Percent Difference $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174,000 $ -32,000 +25,000 -24,000 $ -31,000 -653 +500.0 -15.9 15.1 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets...
Comparative Balance Sheet AgBiz Corporation Account December 31, Year 1 December 31, Year 2 Difference Percent Difference Assets $ 49,000 5,000 151,000 $205,000 $ 17,000 30,000 127,000 $ 174.000 $ -32,000 +25,000 -24,000 $ -31,000 -65.3 +500.0 -15.9 -15.1 +160,000 Current assets: Cash Accounts receivable Inventories Total current assets Fixed assets: Land Buildings and equipment Less: Depreciation Total fixed assets Other investments: Cash value of life insurance Investment in other firms Investment in subsidiary Total other Total assets 250,000 500,000...
1. For a horizontal analysis, what is the percent change in
revenues for year 3? Convert your final answer to a percentage, and
round one decimal place.
2. What is the company's current ratio for year 2? Round your
final answer to two decimal places.
The Hill Company reported the following results: Year 3 Year 2 Year 1 Income Statement 10,972 11,598 8,767 10,470 7,901 8,942 Revenue Cost of Goods Sold Selling, General & Admin. Expenses Interest expense Net Income...
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