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On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. 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 January 1 March 1 November 1 December 31 20X1 average SFr 1 SFr 1 SFr 1 SFr 1 SFr 1 $ 0.73 $ 0.74 $ 0.77 $ 0.80 $ 0.75 Debit SFr 7,000 20,000 Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 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: 6. The Swiss franc is the functional currency. 5,000 25,000 100,000 Credit SFr 10,000 12,000 50,000 60,000 150,000 70,000 10,000 30,000 15,000 SFr 282,000 SFr 282,000

On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. 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 January 1 March 1 November 1 December 31 20X1 average SFr 1 SFr 1 SFr 1 SFr 1 SFr 1 $ 0.73 $ 0.74 $ 0.77 $ 0.80 $ 0.75 Debit SFr 7,000 20,000 Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 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: 6. The Swiss franc is the functional currency. 5,000 25,000 100,000 Credit SFr 10,000 12,000 50,000 60,000 150,000 70,000 10,000 30,000 15,000 SFr 282,000 SFr 282,000

FINANCIAL ACCOUNTING
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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6. The Swiss franc is the functional currency. Required: Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. 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 SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 Sales Total U.S. Dollars $ $ $ 0 0 0
Transcribed Image Text:6. The Swiss franc is the functional currency. Required: Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. 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 SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 Sales Total U.S. Dollars $ $ $ 0 0 0
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. 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 Additional Information January 1 March 1 November 1 December 31 20X1 average SFr 1 = $ 0.73 SFr 1 $ 0.74 SFr 1 $ 0.77 SFr 1 $ 0.80 SFr 1 $ 0.75 Debit SFr 7,000 20,000 5,000 6. The Swiss franc is the functional currency. 25,000 100,000 70,000 10,000 30,000 15,000 SFr 282,000 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 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: Credit SFr 10,000 12,000 50,000 60,000 150,000 SFr 282,000
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) 60,000. 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 Additional Information January 1 March 1 November 1 December 31 20X1 average SFr 1 = $ 0.73 SFr 1 $ 0.74 SFr 1 $ 0.77 SFr 1 $ 0.80 SFr 1 $ 0.75 Debit SFr 7,000 20,000 5,000 6. The Swiss franc is the functional currency. 25,000 100,000 70,000 10,000 30,000 15,000 SFr 282,000 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 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: Credit SFr 10,000 12,000 50,000 60,000 150,000 SFr 282,000
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