EXERCISE 12-6(AICPA adapted)Transaction Gain or Loss LO 4Agentel Corporation is a U.S.-based importing-exporting company. The company entered into the following transactionsduring the month of November.Nov. 6 Purchased merchandise from AGT, a Swiss firm, for 600,000 francs.5 Sold merchandise to SLS, Inc., a firm located in Rio De Janeiro, Brazil, for $200,000.18 Sold merchandise to TNT, Ltd., a British firm, for 130,000 pounds.20 Purchased merchandise from SDS, Ltd., a British firm, for $160,000.All the transactions were unsettled at December 31, Agentel's fiscal year-end. Spot rates are as follows:CurrencyDateNovember 6November 15Swiss Franc Real Pound$1.0491.0487$.412 $1.520.409 1.509November 18November 201.0468December 31 1.0461.0476 -414 1.506.405 1.498-398 1.482Required:A. Compute the amount that Agentel would report for each unsettled receivable and payable in its balance sheetprepared at December 31.B. Compute the transaction gain or loss on each unsettled receivable and payable that would be reported in the incomestatement prepared for the year ended December 31.

A.Accounts Receivable: Amount to be reported at December 31SLS, Inc. - Sale Denominated in…

Answered: EXERCISE 12-6 (AICPA adapted)…

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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Exercise 4-11 (Algo) Comprehensive income [LO4-6] The Massoud Consulting Group reported net income of $1,362,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $280,000 and an unrealized loss on debt securities of $55,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2021. (Amount to be deducted should be indicated with a minus sign.) THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2021 Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Loss on debt securities Total other comprehensive income Comprehensive income $ 0
PROBLEM 15 Examination of the records of Hopper Company for the year ended December 31, 2021 revealed the following: • Inventory at January 1, 2021 was overstated by P71,000. • Inventory at December 31, 2021 was understated by P96,000. • During 2021, Hopper received a P60,000 cash advance from a customer for merchandise to be manufactured and shipped during 2022. The P60,000 was credited to sales revenue. • Profit (before adjustments) reported on the 2021 profit or loss was P658,000. Explain the right profit for 2021
1
Exercise 5-4 On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun Company pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun Company pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. s entered. Do not indent manually. If no entry is required, select "No Entry" for Prepare separate entries for each transaction on the books of Tuzun Company. (Credit account titles are automatically indented when amount the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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H2.
Ex 5.7 and Ex. 5.8 all parts
Consignment Sales Problem 3 Bulldog Manufacturing Corp. consigned ten refrigerators to Poodles Sales Co. These refrigerators had a cost of P180 each. Freight on the shipment was paid by Bulldog in the amount of P120. Poodle Sales Co. submitted an account sales stating that it had sold six refrigerators and remitted the P1,365 balance due Bulldog after the following deductions from the selling price of the refrigerators: Commission 15% of selling price Marketing expenses P90 Delivery and installation of items sold P60 Cartage cost paid upon receipt of consignment P15 Q3 - The consignee sold the 6 refrigerators for a total of ____. Q4 - The commission earned on the sale of the 6 refrigerators by Central Sales Co. was ____. Q5 - The consignor's net profit from the sale of the consigned goods was ____. Problem 4 Norwin Co. shipped inventory on consignment to…
2
WarnaSonic Inc. is an electronic company that operates in five countries around the world. Below is the information in 2019 (in Rupiah): 2 Jad Semester F... U.S. England Singapore India Autralia Sales to external entities 9,100,000 || 10,950,000 5,000,000| 13,200,000 4,250,000 Intersegment sales Operating profit/loss 2,500,000 1,700,000 -0- 4,500,000 500,000 4,100,000 3,750,000 600,000 -3,500,000 -760,000 Asset 2,100,000 4,250,000 1,100,000 2,450,000 900,000 Required: Determine the reportable segments using 3 threshold tests and external revenue test.
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