. How much is the Cumulative Translation Adjustment at December 31, 2022?

Q: Help aved Save & Exit Submit The Simpson Corporation is calculating their adjusted balance sheet…

A: The current exchange rate is 0.80 Euros to 1 Dollar. This means 1 Euro is equals to (1/0.80)…

Q: Assume that our subsidiary’s income statement in Euros (€) is reported as follows for the year:…

A: As per current  method  we should  use average  rate for income statement  items. As per…

Q: 1. ABC Corp has Accounts Receivable of FC 400,000 and Accounts Payable of FC 300,000 on both March…

A: Given information, Accounts receivable =FC 400,000 Accounts payable =FC 300,000   To determine the…

Q: On December 1, 20x1, you imported a machine from a foreign supplier for $100,000, due for settlement…

A: At the time of finalisation of financial statements for the business, all assets and liabilities…

Q: GreenView Company's receivable from a foreign customer is denominated in the customers. local…

A: Foreign exchange gain refers to the profit realized from the fluctuations in exchange rates when a…

Q: Amazing Corporation, a U.S. enterprise, sold product to a customer in Wales on October 1, 20x1 for…

A: Forward rate refers to the interest that is being charged on the value of the financial transactions…

Q: EXHIBIT 11.6 Ganado Europe's Translation Loss After Depreciation of the Euro: Temporal Method…

A: Retained earnings (RE) in simple terms is the amount of net income which left over payment is done…

Q: Given the following data: R = $1.00/¥115 F = $1.00/¥140 ius = 8% If the interest parity condition is…

A: Solution : Interest Rate Parity theory is that under which difference between the two country…

Q: Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60…

A: An exchange gain or loss is caused by a change in the exchange rate between when an invoice was…

Q: pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company…

A: A trial balance is a report used in accounting to ensure that the total debits equal the total…

Q: Walmart Inc. has a subsidiary in the UK, Asda Stores., whose functional currency is the pound…

A: The return on assets shows the percentage of how profitable a company's assets are in generating…

Q: The January 1 Tristan Narvaja, S.A. (C). Tristan Narvaja, S.A., is the Uruguayan subsidiary of a…

A: When we exclude stock holder's equity and retained earnings from the changes in book value of assets…

Q: 00 *00 Dexter Inc. had the following items in its unadjusted and adjusted trial balances at December…

A: An indirect quote indicates the foreign currency which is needed to buy or to sell one unit of the…

Q: Translate into dollars the balance sheet of Nevada Leather Goods' Spanish subsidiary. When Nevada…

A: Currency translation refers to the process of changing one currency into another currency based on…

Q: Grand Ltd. is a Canadian company that had the following transactions in 20X7: a. Sold goods to a…

A: The rate at which one country’s currency can be converted into another country’s currency referred…

Q: On May 20, 2019, when the spot rate is $1.08/€, a U.S. company buys merchandise from a supplier in…

A:

Q: A wholly owned subsidiary of a U.S. parent company has certain expense accounts for the year ended…

A: If the financial statements of foreign subsidiary are translated into functional currency using the…

Q: Calculate Tristan Narvaja’s contribution to its parent’s translation gain or loss using the current…

A: Consolidated economic statements are the general-reason economic statements of a discern…

Q: A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$…

A: Exchange rate means the number of units of domestic currency given to get one unit of foreign…

Q: 1. Based on the following information, answer the problems showing procedure for each problem.…

A: In the foreign exchange market, a currency forward is a legally binding contract that locks in the…

Q: answer in text form please (without image),   Note: .Every entry should have narration please

A: Functional Currency: When a corporation conducts its business, the functional currency is the…

Q: At what rates should the following balance sheet accounts in foreign statements be translated (using…

A: By using the current rate method the balance sheet accounts in the foreign statements are…

Q: Crane Pharma just received revenues of $3,164,400 in Australian dollars (A$). Management has the…

A: The exchange rates refer to the rate at which the currency of one country can be exchanged for that…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.