a. How much is the ForEx gain or Loss on February 1, 2017? b. How much is the Net ForEx gain or (loss)?
Q: Complete the following pay stub
A: The CPP, EI and Income tax are which are given in the question is below CPP = 5.7% EI = 1.58% Income…
Q: Solve in accounting Those are some of the reasons for a vacancy in a board or trusteeship? What is…
A: Any vacancy among the directors may be filled by a majority of the remaining directors or a sole…
Q: A merchant acquires articles for his business for a value of $8,600 paying 30% in cash and the rest…
A: Lets understand the basics. For calculating final payment that are required to make at the end of 6…
Q: Kappa SA in 2021 had pre-tax profits of 100,000, equity 450,000 and return on equity 20%. How much…
A: We can calculate change in equity by reverse calculation. if return on equity rate is fixed and…
Q: Whether any of the following sentences about abnormal spoiling is true? a. It is considered to be…
A: Spoilage refers to materials or components that have been damaged, which are beyond the capacity of…
Q: Question D is incorrect. Can you check the answer
A: Here discuss about the details of the taxable income and income tax which are incurred with the tax…
Q: Information pertaining to Noskey Corporation’s sales revenue follows: November 2018 (Actual)…
A: Budgeted cash collections in December 2018 from November 2018 credit sales. Budgeted total cash…
Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…
A: Cost refers to the value of money that has been used to produce or manufacture something. It can…
Q: 1. How much is the adjusted balance of the allowance for doubtful accounts as of December 31, 2005?…
A: Accounts receivable means accounts of those customers to whom business has made credit sales on…
Q: Determine the proceeds of the sale on a six-year interest-bearing promissory note for $5,750 at 6.9%…
A: The periodic interest rate on the note = 6.9%12=0.575% The term is six years with monthly…
Q: Jay Ltd wants to drop one of their service lines since it is showing a loss. The following details…
A: Lets understand the basics. Operating expense is a expense incurred to run a business. When there is…
Q: a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the…
A: Here asked for multi sub part question we will solve for first three sub part question in accordance…
Q: On December 1, Young Corporation exchanged 5,000 shares of its P25 par value common stock held in…
A: When an assets is purchased in exchange of shares then such asset is recorded at the market value of…
Q: 2. ABC Corp incurred the following R&D expenses in 20X1: Cost to complete a detailed formula on the…
A: Ans. Cost of sales of the vaccine will be the production cost of the vaccine for initial…
Q: Security Ronneby Corp. Stockholm Corp. Cost P540,000 15,000 P525,000 2,100 157,500* 151,200 Avesta…
A: FVOCI (Fair Value through Other Comprehensive Income) reports the difference in the carrying value…
Q: You have estimated that the Duration of a particular bond is 18,If the yield to maturity on this…
A: Modified duratiom is also known as Volitality of Bond. Volitality indicates change in bond's price…
Q: a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding…
A:
Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…
A: Introduction:- Discount term "2/10, n/60" means If the invoice is paid within 10 days of its date, a…
Q: Prepare Income statement? Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Exercise 1-10A (Algo) Interpreting information in an accounting equation LO 1-5 The financial…
A: Introduction:- A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: The main portion of an independent auditor’s work in expressing an opinion on financial statements…
A: Introduction:- The main goal of an audit is examines the accuracy of recorded business…
Q: Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio…
A: Current ratio is an accounting ratio used to express the current assets in relation to the current…
Q: 4/3 Paid the Gazette $200 to place an employment advertisement for an accounting clerk. how to solve…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Jacobs is considering the purchase of a new machine for $10,700 that has a life of 6 years and would…
A: Present Value- The value of an investment or an amount today is referred to as its present value. It…
Q: In determining if two operating segments may be combined into one, which of the following factors…
A: b. whether the nature of the products and services is similar
Q: Please explain if the below-mentioned statement is true or false and why, in as much detail as…
A:
Q: In a cost sheet for a manufactured product the profit perventage is typically added to the figure to…
A: Cost sheet is the sheet which is prepared by the company in order to know and show at each step the…
Q: How much is the carrying value of the Investment in associate-Yellow at Dec 31, 20X2? 2,372,000…
A: The ABC company has acquired 20% interest or shares of the Yellow company as on January 2, 20X1. ABC…
Q: Current ratio for all the years As Reported Annual Balance Sheet Report Date Scale Assets Cash &…
A: Introduction: Current ratio: It tells the ability of a company to pay its short term obligations…
Q: On January 1, 2020, Faye Company purchased Che Company at a cost that resulted in recognition of…
A: As per IFRS on Intangible Assets and Goodwill, Expenditure associated with the following costs is…
Q: calculate stock turnover ratio opening stock 40000,sales 2000000,closing stock 20000,purchase…
A: The stock turnover ratio is calculated as cost of goods sold divided by average inventory. Cost of…
Q: On January 2, 2019, Ivan got the franchise of PPP Inc. The franchise agreement provides a P500,000…
A: For Calculating the Earned Franchise Fees which are included with the details of the down payment…
Q: Dividends Per Share Imaging Inc., a developer of radiology equipment, has stock outstanding as…
A: Dividends is the part or share of profits that is being distributed to the shareholders of the…
Q: 5 Reporting Changes in Shareholders' Equity The shareholders' equity accounts for Erle Enterprises…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: A written code of ethics is a document for reference: it is never actively enforced or practiced in…
A: Disclaimer: "Since you have asked multiple questions in a single question so we answered the first…
Q: Calculate the sample size for the AHMED Company using the following information: The population…
A: Income statement: It is statement which shows the company's income and expenditure, it shows profit…
Q: A 8 C Contribution Margin/Unit 10 7 9 Units produced per machine hour 2 5 3 Demand 8,000 10,000…
A: It is pertinent to note that as per the theory of constraints an entity needs to identify bottleneck…
Q: Today's Assignment* Design a salary slip for the month of December 2021 with information given…
A: A salary slip, often known as a payslip, is a periodic document delivered by a business to its…
Q: Q4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30…
A: FIFO is first in first out inventory valuation method under which inventories which are purchased…
Q: ate law. During 2020, a bill designated H.R. 9 is introduced into the state legislature, nich, if…
A: Bingo Game: It is the numbers game played by the individual in cash. As per the law its a illegal.…
Q: A depreciable property costing P2,600,000 with original scrap value of P200,000 after 15 years, ha…
A: DEPRECIATION: It is the reduction in the value of fixed assets due to its continuous use. It is…
Q: (Click on the icon to view the cost data.) (Click on the icon to view the unit product cost data.)…
A: Absorption Costing- Absorption costing is a method of cost accounting for calculating a product's…
Q: 7 Bought motor vehicle by cheque for RM4,300 11 Sold goods to Karas Sdn Bhd on credit for RM380
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: This revenue taxes deducted from an employee's gross salary is a cost to the company. is it true or…
A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…
Q: Instructions Senior Life Co. is an HMO for businesses in the Portland area. The following account…
A: Stock dividend is one of the form of dividend under which shares of the company are being issued as…
Q: STL enters into a 5-year lease of an item of plant on January 1, 2022. The annual rentals are P11.5…
A: Lease Liability It is important to calculate the present value of the lease which can be determine…
Q: 1. Based on the following job post, complete the table: Apprentice, Brewer ($22.35/hr starting)…
A: Given that the rate per hour of Apprentice is $22.35 per hour Bi-weekly refers to once in two weeks…
Q: Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500…
A: The term profit and loss (P&L) statement refers to a financial statement that summarizes the…
Q: a. Identify the type of fraud that took place. (e.g. misappropriation of assets o fraudulent…
A: a. The type of fraud that took place, in this case, is Misappropriation of assets. In this Case,…
Q: Required: a. What is the net present value of the proposed mining project? b. Should the project be…
A: Net Present Value (NPV) NPV is the difference between present value of cash inflows and present…
a. How much is the ForEx gain or Loss on February 1, 2017?
b. How much is the Net ForEx gain or (loss)?
Step by step
Solved in 2 steps
- On December 1, 2017, Ringling Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,000,000 pesos on March 1, 2018. The following U.S. dollar per peso exchange rates apply: Date Spot Rate ForwardRate (to March 1, 2018)Dec1, 2017 $0.044 $0.047 Dec 31, 2017 0.046 0.049 March 1, 2018 0.050 N/A Ringling’s incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803.Which of the following correctly describes the manner in which Ringling Company will report the forward contract on its December 31, 2017, balance sheet? Choose the correct.a. As an asset in the amount of $1,960.60.b. As an asset in the amount of $2,940.90.c. As a liability in the amount of $980.30.d. As a liability in the amount of $2,940.90.On October 1, 2017, Sharp Company (based in Denver, Colorado) entered into a forward contract to sell 100,000 rubles in four months (on January 31, 2018) and receive $39,000 in U.S. dollars. Exchange rates for the ruble follow: Date Spot rate Forward Rate (to January 31,2018) October 1, 2017 $0.35 $0.39 December 31, 2017 0.38 0.41 January 31, 2018 0.40 N/A Sharp’s incremental borrowing rate is 12 percent. The present value factor for one month at an annual interest rate of 12 percent (1 percent per month) is 0.9901. Sharp must close its books and prepare financial statements on December 31.a. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a 100,000 ruble receivable arising from a sale made on October 1, 2017. Include entries for both the sale and the forward contract.b. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a firm commitment related to a 100,000…On Mei 31, 2016, PT Risa sold the item to PT Bulan (functional currency is US $) for of the total $ 30,000 invoice by November 31, 2018. The functional currency of PT Risa is IDR , and the effective date is December 31st. Exchange rate between $ and IDR: Mei 31, 2016 ($1) : Spot rate = IDR 15,575 US$1 , Forward rate (6 months) = IDR 15,375 November 31, 2016 ($1) : Spot rate = IDR 14,250 PT Risa completed the forex risk hedging transaction on November 31, 2016 by signing a forward contract to sell US $ for $ 30,000. PT Risa also chose to apply fair value hedging accounting in accordance with PSAK71. prepare journal entries recorded by PT Risa on Mei 31, 2016 and November 31, 2016. Please explain !
- On November 1, 2019, Flower Company, a U.S. company, entered into a four-month forward contract to sell 50,000 liras on February 1, 2020. The following U.S. dollar per lira exchange rates apply: Date Spot rate Forward Rate (to Feb 1st 2020) November 1, 2019 $0.092 $0.105 December 31, 2019 $0.090 $0.095 February 1, 2020 $0.089 N/A Flower's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent is .9803. Which of the following is included in Flower's December 31, 2019 balance sheet for the forward contract?Brandlin company of anaheim, california sells parts to a foreign customer on december 1, 2017, with payment of 24,000 korunas to be received on march 1, 2018. Breanlin enters into a forward contract on december 1, 2017, to sell 24,000 korunas on march 1, 2018. Relevant exchange rates for the koruna on various dates are as follow: Date Spot Rate Forward Rate December 1, 2017 4.20 4.275 December 31, 2017 4.30 4.400 March 1, 2018 4.45 N/A 1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for these transactions in US dollars. 2. What is the impact on 2017 net income? 3. What is the impact on 2018 net income? What is the impact on net income over the two accounting periods?Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with payment of 16,000 korunas to be received on March 1, 2018. Brandlin enters into a forward contract on December 1, 2017, to sell 16,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date Spot Rate Forward Rate(to March 1, 2018) December 1, 2017 $ 3.40 $ 3.475 December 31, 2017 3.50 3.600 March 1, 2018 3.65 N/A Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S.…
- Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with payment of 16,000 korunas to be received on March 1, 2018. Brandlin enters into a forward contract on December 1, 2017, to sell 16,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date Spot Rate Forward rate (to march 1, 2018) December 1 , 2017 $2.70 $2.775 December 31 , 2017 2.80 2.900 March 1, 2018 2.95 N/A Brandlin’s incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31.a. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. What is the impact on 2017 net…Charles Ltd. purchased Euro 800,000 equipment from a French company on January 1, 2016. The terms of the note payable called for annual interest payments at the market rate of 6% on December 31 each year. The principal is to be paid off in full on December 31, 2018. The foreign exchange rates for 2016 are as follows: January 1, 2016 Euro1 = C$1.43 2016 average rate Euro1 = C$1.42 December 31, 2016 Euro1 = C$1.40 REQUIRED: Prepare the foreign exchange journal entries of Charles Ltd. required for the fiscal year ending December 31, 2016.Brandlin company of anaheim, california, sells parts to a foreign customer on december 1, 2017, with payment of 24,000 korunas to be received on march 1, 2018. Brandlin enters into a forward contact on december 1, 2017 to sell 24,000 korunas on march 1, 2018. Relevant exchange rates for the korunas on various dates are as follow: date spot rate forward rate december 1, 2017 4.20 4.275 december 31, 2017 4.30 4.400 march 1, 2018 4.45 n/a brandli's incremental borrowing rate is 12 percent. The present value factor for two months at annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at december 31. 1. Assuming that brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount…
- On December 1, 2020, Venice Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,410,000 pesos on March 1, 2021. The following U.S. dollar per peso exchange rates apply: Date Spot Rate Forward Rate(to March 1, 2021) December 1, 2020 $ 0.026 $ 0.029 December 31, 2020 0.028 0.031 March 1, 2021 0.032 N/A Ignoring present values, Which of the following correctly describes the manner in which Venice Company will report the forward contract on its December 31, 2020, balance sheet? As an asset in the amount of $1,410 As a liability in the amount of $1,410 As an asset in the amount of $2,820 As a liability in the amount of $2,820On December 12, 2022, Tin Company entered into a forward exchange contract to purchase 500,000 euros in 90 days.The relevant exchange rates are as follows: Spot rate Forward rate (for 3/12/2023)November 30, 2022 P0.56 P0.57December 12, 2022 P0.57 P0.58December 31, 2022 P0.61 P0.60March 12, 2023 P0.62 P0.62 The purpose of this forward contract is to hedge a purchase of inventory in November 30, 2022, payable in March 2023. How much is the net forex gain/loss December 31, 2022? (just encode the absolute amount)On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to a foreign customer at a price of 50,000 ostras. Payment is received on January 10, 2018. Currency exchange rates for 1 ostra are as follows: December 20, 2017 $1.05December 31, 2017 1.02January 10, 2018 0.98a. How does the fluctuation in exchange rates affect Butanta’s 2017 income statement?b. How does the fluctuation in exchange rates affect Butanta’s 2018 income statement?