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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) 65,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Credit Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & 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 20x1 average Debit SFr 7,700 21,500 5,900 27,500 106,000 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $4,307 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. SFr S 1=0.80 1=0.77 1=0.74 1=0.73 1=0.75 SFr 11,700 13,400 53,500 65,000 162,200 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: 6. The U.S. dollar is the functional currency. 73,000 11,700 34,500 18,000 SFr305,800 SFr305,800 Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.)

On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 65,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Credit Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & 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 20x1 average Debit SFr 7,700 21,500 5,900 27,500 106,000 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $4,307 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. SFr S 1=0.80 1=0.77 1=0.74 1=0.73 1=0.75 SFr 11,700 13,400 53,500 65,000 162,200 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: 6. The U.S. dollar is the functional currency. 73,000 11,700 34,500 18,000 SFr305,800 SFr305,800 Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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) 65,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & 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 20X1 average SFr $ 1=0.80 1=0.77 1=0.74 1=0.73 1=0.75 Debit SFr 7,700 21,500 6. The U.S. dollar is the functional currency. 5,900 27,500 106,000 73,000 11,700 Credit Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $4,307 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 11,700 13,400 53,500 65,000 162,200 34,500 18,000 SFr305,800 SFr305,800 Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.)
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) 65,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & 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 20X1 average SFr $ 1=0.80 1=0.77 1=0.74 1=0.73 1=0.75 Debit SFr 7,700 21,500 6. The U.S. dollar is the functional currency. 5,900 27,500 106,000 73,000 11,700 Credit Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $4,307 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 11,700 13,400 53,500 65,000 162,200 34,500 18,000 SFr305,800 SFr305,800 Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.)
Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.) SunTime Company Trial Balance Remeasurement Schedule December 31, 20X1 Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Remeasurement loss Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Answer is not complete. Sales Total No entry necessary Total credits $ U.S. Dollars 5,621 15,695 4,307 20,350 81,620 54,750 X 9,009 8,775 X 13,320 213,447 213,447 8,541 X 9,782 39,055 52,000 121,650 $ 231,028 0 $ 231,028
Transcribed Image Text:Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.) SunTime Company Trial Balance Remeasurement Schedule December 31, 20X1 Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Remeasurement loss Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Answer is not complete. Sales Total No entry necessary Total credits $ U.S. Dollars 5,621 15,695 4,307 20,350 81,620 54,750 X 9,009 8,775 X 13,320 213,447 213,447 8,541 X 9,782 39,055 52,000 121,650 $ 231,028 0 $ 231,028
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