Question


Sullivans Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the a
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Income Statement
Revenue Amount in Pounds Amount in US$ Rates applied
Net Sales                    106,800             292,632                    2.74
                   106,800             292,632
Expenses
Repairs                        4,200               11,550                    2.75
Depreciation                      32,600               88,020                    2.70
Interest Expense                      23,000               63,020                    2.74
                     59,800             162,590
Net income                      47,000             130,042
Dividend                      11,550               32,109                    2.78
Net Profit                      35,450               97,933
Balance sheet
Current Assets                    2.78
Cash                      73,250             203,635                    2.78
Account receivable                      17,800               49,484                    2.78
                     91,050             253,119
Non Current Assets
Property, plant and equipment                    326,000             880,200                    2.70
Less : Accumulated Depreciation                    (32,600)              (88,020)                    2.70
                   293,400             792,180
Total Assets                    384,450          1,045,299
Current Liabilities
Accured interest                      23,000               63,940                    2.78
Long term Liabilities
Long term debts                    230,000             639,400                    2.78
Equity Capital
Common Stock                      96,000             259,200                    2.70
Retained earning                      35,450               97,933
Other Comprehensive income(CTA)              (15,174)
                   384,450          1,045,299
Add a comment
Know the answer?
Add Answer to:
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 96,000 pounds. The subsidiary immediately borrowed 230,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 326,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 63,000 pounds. The subsidiary immediately borrowed 160,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 223,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 74,000 pounds. The subsidiary immediately borrowed 175,000 pounds on a five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 249,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 98,000 pounds. The subsidiary immediately borrowed 235,000 pounds ona five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 333,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary rented...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 75,000 pounds. The subsidiary immediately borrowed 160,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 235,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 72,000 pounds. The subsidiary immediately borrowed 148,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 220,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2020, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 80,000 pounds. The subsidiary immediately borrowed 154,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 234,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2020, the subsidiary...

  • ullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by...

    ullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 55,000 pounds. The subsidiary immediately borrowed 145,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 200,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary...

  • Sullivan's Island Company began operating a subsidiary in a foreign country on January 1,2017, by investing capital in the amount of 75,000 pounds. The subsidiary immediately borrowed 160,000 pou...

    Sullivan's Island Company began operating a subsidiary in a foreign country on January 1,2017, by investing capital in the amount of 75,000 pounds. The subsidiary immediately borrowed 160,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 235,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-ine method. Also on January 1, 2017, the subsidiary rented...

  • do the whole statement of cash flow Sullivan's Island Company began operating a subsidiary in a...

    do the whole statement of cash flow Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 72,000 pounds. The subsidiary immediately borrowed 148,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 220,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT