3. The following table contains metrics as reported in JLR's three primary financial statements. Convert these metrics to a U.S. GAAP basis. Where necessary assume that JLR's taxrate is 19 percent, the United Kingdom's corporate tax rate during the 2020 fiscal year, as disclosed in Footnote 14, Taxation.Expenditures for both PPE and intangibles.As Reported (IFRS) (£ millions) U.S. GAAPLoss before tax(422)Net profit (after tax)(469)Total assets24,104Shareholders' equity6,556Operating cash flow2,314Capital expenditures*2,791

To proceed with specific calculations, let's break down each adjustment in detail based on general…

Answered: 3. The following table contains metrics…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject - account Please help me. Thankyou.
At what rates should the following balance sheet accounts in foreign statements be translated (using the current rate method) into U.S. dollars?
Translate the foreign currency financial statements below using the current rate (functional) method. Assume the company was incorporated, began business, and became subsidiary of an US firm on January 1, 2016, and the foreign currency was the functional currency. Date January 1, 2016 January 1, 2019 March 31, 2019 Rate 1 FC=$0.10 1 FC=$0.20 1 FC=$0.25 1 FC=$0.40 1 FC=$0.30 December 31, 2019 Weighted average for 2019 Financial Statements of Street Corporation for the year ended December 31, 2019 FC Rate Dollars Income Statement Net sales Costs and expenses Net income 10,000,000 8,000,000 2,000,000 Statement of Retained Earnings Beginning retained earnings 8,000,000 2,000,000 10,000,000 1,000,000 9,000,000 1,600,000 Net income Subtotal Dividends (declared March 31) Ending retained earnings Balance Sheet Assets Current assets Fixed assets (acquired 1/1/2016) Total assets 13,000,000 82,000,000 95,000,000 Liabilities and stockholders' equity Current liabilities |Long-term debt |Common…
State how each of the following accounts should be classified on the balance sheet. (a) Treasury Stock (b) Retained Earnings (c) Vacation Pay Payable (d) Foreign Currency Translation Adjustment (e) Allowance for Bad Debts (f) Liability for Pension Payments (g) Investment Securities (Trading) (h) Paid-In Capital in Excess of Stated Value (i) Leasehold Improvements (j) Goodwill (k) Receivables—U.S. Government Contracts (l) Advances to Salespersons (m) Premium on Bonds Payable (n) Inventory (o) Patents (p) Unclaimed Payroll Checks (q) Income Taxes Payable (r) Subscription Revenue Received in Advance (s) Interest Payable (t) Deferred Income Tax Asset (u) Tools (v) Deferred Income Tax Liability
ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?
Which of the following is true? The component of the current account include direct foreign investment and portfolio investment. The transaction regarding an Australian consulting firm receiving AUD5 million (i.e., Australian 5 million dollars) for consulting services provided to a German company is recorded as a debit under the current account of Australia. The transaction regarding a U.S. citizen receiving an interest payment as a result of his investment in a bond of a British firm issued in the United Kingdom is recorded as a credit under the current account of U.S.. When the BOP (balance of payment) accounts are recorded correctly, by BOP identity, under purely floating exchange rate regime, BCA (balance of current accounts) + BKA (balance of capital accounts) = - BRA (Balance of official reserve accounts).
1. On November 1, 2020, an entity acquired on account goods from a foreign supplier at a cost of $3,000. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account goods to a foreign customer at a selling price of $2,500. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following exchange rates are provided Buying spot rate Selling spot rate November 1, 2020 P40 P42 December 1, 2020 39 40 December 31, 45 45.5 2020 January 30, 2021 45.5 46 February 28, 2021 46 46.5 What is the carrying amount of monetary asset on December 31, 2020?
Which of these is reported on Schedule M-1, Reconciliation of Income (Loss) per Books With Income (Loss) per Return? $347 of royalties reported on the books this year and included on Schedule K. $673 of foreign taxes paid reported on the books this year and included on Schedule K. $1,234 of ordinary dividend income included on Schedule K and recorded on the books this year. $1,679 of capital gain from the sale of collectibles included on Schedule K and not recorded on the books this year.
Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes presumed paid in the Philippines equivalent to 15%, dividend received from a domestic corporation by a nonresident foreign corporation shall be subject to a final tax of 15%. False or True
1. In year 1, USAco has worldwide income of $150,000, including a foreign branch limitation loss of ($100,000), a foreign branch limitation income of $50,000 (on which USAco paid $12,500 in foreign taxes), $100,000 of passive limitation income (on which USAco paid $10,000 in foreign taxes), and $100,000 of U.S.-source income. In year 2, USAco has worldwide income of $275,000, including $75,000 of foreign branch limitation income, (on which USAco paid $18,750 in foreign taxes) $100,000 of passive limitation income (on which USAco paid $10,000 in foreign taxes), and $100,000 of U.S. source income. What are USAco’s U.S. tax liabilities for year 1 and year 2? Assume that the U.S. tax rate is 21%. Show your work.
ASSUME THAT THE U.S. DOLLAR IS THE FUNCTIONAL CURRENCY. Ruthie Inc. had a debit adjustment of $7900 for the year ended December 31, 2019, from restating its foreign subsidiary's accounts from their local currency units into U.S. dollars. Additionally, Ruthie had a receivable from a foreign customer. It is denominated in the customer's local currency. On December 31, 2018, this receivable for 300,000 local currency units (LCU) was correctly included in Ruthie's balance sheet at $124200. When the receivable was collected on February 15, 2019, the U.S. dollar-equivalent was $122200. In Ruthie's 2019 consolidated statement of income, how much should be reported as foreign exchange gain/(loss) in computing net income? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. IF THE NUMBER IS NEGATIVE, TYPE -1000 INSTEAD OF ($1,000) Your Answer:
Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included this receivable for 377,500 local currency units (LCU) in its balance sheet at $290,000. When Brief collected the receivable on February 15, 2021, the U.S. dollar equivalent was $301,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice $16,200 $27,400 $0 $11,200

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