January 1, 20X1, Popular Corporation organized Company as a st of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 November 1 December 31 2001 average 6. The Swiret Debit SFr 8,400 21,500 6,300 28,500 105,000 SFr 1$ 0.73 SFr 1- $ 0.74 SFr 1-$8.77 SFr 1-50.80 SFr 1-$8.75 71,500 10,200 35,000 17,800 SFr 304,200 Credit SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5.040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: with an iniludi inve
January 1, 20X1, Popular Corporation organized Company as a st of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 November 1 December 31 2001 average 6. The Swiret Debit SFr 8,400 21,500 6,300 28,500 105,000 SFr 1$ 0.73 SFr 1- $ 0.74 SFr 1-$8.77 SFr 1-50.80 SFr 1-$8.75 71,500 10,200 35,000 17,800 SFr 304,200 Credit SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5.040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: with an iniludi inve
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 6MC: Which type of adjustment occurs when cash is either collected or paid, but the related income or...
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![Note: If no adjustment is needed, select 'No entry necessary'.
Cash
Accounts receivable (net)
Receivable from Popular Creek
Inventory
Plant and equipment
Cost of goods sold
Depreciation expense
Operating expense
Dividends paid
Total
Total debits
Accumulated depreciation
Accounts payable
Bonds payable
Common stock
Sales
Total
Total credits
SUNTIME COMPANY
Trial Balance Translation Schedule
December 31, 20X1
U.S. Dollars](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18c48f75-db4f-470e-a220-102cceb01c6a%2Fb08ce25c-9191-4d25-a17f-47e67c8bdc1a%2F3cjw81d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Note: If no adjustment is needed, select 'No entry necessary'.
Cash
Accounts receivable (net)
Receivable from Popular Creek
Inventory
Plant and equipment
Cost of goods sold
Depreciation expense
Operating expense
Dividends paid
Total
Total debits
Accumulated depreciation
Accounts payable
Bonds payable
Common stock
Sales
Total
Total credits
SUNTIME COMPANY
Trial Balance Translation Schedule
December 31, 20X1
U.S. Dollars
![On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment
cost of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows:
Cash
Accounts Receivable (net)
Receivable from Popular Creek
Inventory
Plant and Equipment
Accumulated Depreciation
Accounts Payable
Bonds Payable
Common Stock
Sales
Cost of Goods Sold
Depreciation Expense
Operating Expense
Dividends Paid
Total
January 1
March 1
SFr 150.73
SFr 1$0.74
SFr 1$0.77
SFr 1-5 0.80
SFr 18.75
Debit
SFr 8,400
21,500
6,300
28,500
105,000
November 1
December 31
20x1 average
6. The Swiss franc is the functional currency.
71,500
10, 200
35,000
17,800
SFr 304,200
Credit
Additional Information
1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,040 payable to SunTime.
2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1.
3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in
the year of acquisition. The equipment was acquired on March 1
4. The dividends were declared and paid on November 1.
5. Exchange rates were as follows:
SFr 10,200
12,200
52,500
64,000
165,300
SFr 304,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18c48f75-db4f-470e-a220-102cceb01c6a%2Fb08ce25c-9191-4d25-a17f-47e67c8bdc1a%2Fayy1ra_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment
cost of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows:
Cash
Accounts Receivable (net)
Receivable from Popular Creek
Inventory
Plant and Equipment
Accumulated Depreciation
Accounts Payable
Bonds Payable
Common Stock
Sales
Cost of Goods Sold
Depreciation Expense
Operating Expense
Dividends Paid
Total
January 1
March 1
SFr 150.73
SFr 1$0.74
SFr 1$0.77
SFr 1-5 0.80
SFr 18.75
Debit
SFr 8,400
21,500
6,300
28,500
105,000
November 1
December 31
20x1 average
6. The Swiss franc is the functional currency.
71,500
10, 200
35,000
17,800
SFr 304,200
Credit
Additional Information
1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,040 payable to SunTime.
2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1.
3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in
the year of acquisition. The equipment was acquired on March 1
4. The dividends were declared and paid on November 1.
5. Exchange rates were as follows:
SFr 10,200
12,200
52,500
64,000
165,300
SFr 304,200
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