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Accounting records of Company C are expressed in EUR. On 30 April 20XX, it sells goods to a foreign company that requests the amount of the sale to be expressed in USD. No VAT to be charged. When the invoice is sent to the client for an amount of USD 1.000, the exchange rate EUR / USD is 1. On 31 May 20XX, the client paid the invoice in USD on the EUR bank account so that the amount in USD is immediately converted into EUR at the current exchange rate. The current exchange rate is 1EUR = 1,10 USD. Prepare the accounting journal entries for the sale and the repayment.

8. Assume that your company purchases inventories from a supplier on December 15. The invoice specifies that payment is to be made on March 15 in Euros in the amount of 10,000 Euros. Your company operates on a calendar year basis. Assume the following exchange rates and the company does not enter into any hedging arrangements: December 15 $1.35 :1 Euro December 31 $1.37 :1 Euro March 15 $1.38 :1 Euro Requirement: Prepare the journal entry that needs to be made on March 15

On June 1 Hitch Company sold goods to a foreign customer at a price of 15,000 Foreign Currency Units Hitch will receive payment in three months on September 1st. On June 1, Hitch entered into a forward contract maturing on September 1 as a fair value hedge of its FCU receivable. Prepare all journal entries, including adjusting entries, to record the transaction and the forward contract for Hitch. Date Spot rate Forward Rate* June 1 $0.30 $0.33 June 30 $0.32 $0.32 Spet 1 $0.34 Hitch closes its books on June 30 of every year. *Forward rate is for a contract written on June 1 to mature on September 1. First, prepare entries for the sale and receivable. Then, prepare the entries for the forward contract hedge. Finally, amortize any forward premium or discount to income using OCI, other comprehensive income.

Owefix

On December 1, 20x1, you imported a machine from a foreign supplier for $100,000, due for settlement on January 6, 20x2. Your functional currency is the Philippine peso. When preparing the December 31, 20x1 statement of financial position, which of the following will you translate to the closing rate? *       accounts payable       machine       machine and accounts payable       no item(s) will be translated

Apply the United States rule to determine the balance at maturity and the total interest paid ir the borrower makes two partial payments and the renainder of the loan is paid at maturity. Loan Length (Days) 280 Payment on Day Principal Interest Rate % Partial Payment $13,500 10.5 $5670.00 112 $3915.00 196

Forward exchange contract designated as a fair value hedge of a foreign-currency-denominated firm commitment to sell inventory, weakening SUS Our U.S.-based company enters into a "firm commitment" with Malta-based retailer on November 10, 2018. The firm commitment requires our company to sell 70,000 units of an inventory item costing €12.00 each to the Maltese company. Our company is contractually committed to ship the inventory (i.e., title transfers) on February 10, 2019, with payment in Euros on the same date. Our company does recurring business with the Maltese company, and the firm commitment includes significant monetary penalties for nonperformance. Also assume, on November 10, 2018, our company enters into a contract with a foreign currency exchange broker to sell Euros (for settlement on February 10, 2019) to mitigate the risk of exchange rate fluctuation. Our company's functional currency is the U.S. dollar and our forward exchange contract qualifies as a fair value hedge.…

Please answer requirement a. Thanks.

Transferring Accounts Receivable White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement. 'White receives 80% of the value of all the transferred accounts receivable (to reflect credit risk) and is charged a 1% service charge,which is based upon the dollar amount of transferred receivables.Interest is charged at an annual interest rate of 12% of any outstanding loan balance.The transferred receivables will continue to be collected by \l\lhite with any cash flows being remitted to Murphy at the end of each month. White is not allowed to transfer the receivables to anyone else. White normally transfers its accounts receivable. The following selected 2019 transactions relate to this agreement Required:   Assume that White uses U.S.GAAP. Prepare journal entries on \l\lhite'sbooks to record the preceding tran How would this agreement be reported on White's December 31,2019,balance sheet (assume the note payable…

Please read and record journal entries statements provided carefully.

You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment. a) $12,105.26 b) $12,105.0 c) $12.105

On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of 12% is due annually. The bank charges Next Co. an 11.19% nonrefundable loan origination fee. The effective interest rate on the loan is approximately equal to a. 11.19% b. 12% c . 16 % d. 17.37%

GreenView Company's receivable from a foreign customer is denominated in the customers local currency, the Brazilian Real (BRL). This receivable totaled 900,000 BRL and was translated to $300,000 at December 31, 20X5. On January 31, 20X6, the receivable was collected from the customer at an exchange rate of 4 BRL to $1. What journal entry should GreenView record in January? Dr. Foreign currency units 300,000 Cr. Accounts receivable Dr. Foreign currency units 225,000 2. Cr. Accounts receivable 01. 03. 4. Dr. Foreign currency units 300,000 Cr. Exchange gain Cr. Accounts receivable Dr. Foreign currency units Dr. Exchange loss Cr. Accounts receivable 225,000 75,000 300,000 225,000 75,000 225,000 300,000

Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is receivedfrom a customer within the discount period, the seller consents to thereturn of the entire shipment for a cash refund. The cost of themerchandise returned is $16,800. (A) What is the amount of the refundowed to the customer? (B) Journalize the entries made by the seller torecord the return and the refund.

CASE 3. In October 2021, United Corporation obtained a loan amounting to US $ 120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten per cent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P1,848,000, the rate of exchange at the time the loan was obtained must have been:   Group of answer choices a. $1.00 = P27.00 b. $1.00 = P28.00 c. $1.00 = P29.00 d. $1.00 = P30.00

ABC Company decides to sell a part its portfolio of trade receivables to the factoring company. The following relates to the factored receivables: Carrying amount of receivables ₱4,000,000 Fair value of the receivables 4,040,000 Cash received from factoring 3,830,000 The related contract stipulates that: Payment for the receivables ₱3,800,000 Payment for the Guarantee 30,000 According to the guarantee, ABC Company agrees to refund the credit losses from the portfolio of receivables up to ₱450,000 to the factoring company. The necessary journal entry or entities if receivables to record the factoring would include a. Debit to Cash ₱3,800,000 b. Debit to Loss on sale of receivable, ₱200,000 c. Credit to Liability, ₱480,000 d. Debit to Receivable from Factor, ₱25,000

Date Account Titles and Explanation Debit Credit (To record gain or loss on foreign currency) (To record gain or loss on firm commitment) (To record payment to exchange dealer and receipt of foreign currency) (To record settlement of firm commitment)

An invoice of $3168 from Scottish Importers has cash terms of 4/20 EOM and is dated June 5. Find (a) the final date on which the cash discount may be taken and (b) the amount necessary to pay the invoice in full if the cash discount is earned.