On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 67,000. 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 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: November 1 December 31 20x1 average Debit SFr 8,000 23,000 6,900 30,000 105,000 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,520 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. SFr $ 1=0.73 1=0.74 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. 1=0.77 1=0.80 1=0.75 Credit 6. The Swiss franc is the functional currency. SFr 10,100 12,500 55,000 67,000 161,800 71,500 10,100 34,500 17,400 SFr 306,400 SFr306,400
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 67,000. 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 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: November 1 December 31 20x1 average Debit SFr 8,000 23,000 6,900 30,000 105,000 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,520 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. SFr $ 1=0.73 1=0.74 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. 1=0.77 1=0.80 1=0.75 Credit 6. The Swiss franc is the functional currency. SFr 10,100 12,500 55,000 67,000 161,800 71,500 10,100 34,500 17,400 SFr 306,400 SFr306,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Do not Give image format
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) 67,000. 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
Additional Information
January 1
March 1
November 1
December 31
29X1 average
Debit
SFr 8,000
23,000
6,908
30,000
105,000
1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,520 payable to SunTime.
2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1.
SFr $
1=0.73
1=0.74
1=0.77
1=0.80
1=0.75
Credit
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.
SFr 10,100
12,500
55,000
67,000
161,800
71,500
10,100
34,500
17,400
SFr306,400 SFr306,400
Transcribed Image Text:Required:
Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. (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
SUNTIME COMPANY
Trial Balance Translation Schedule
December 31, 20X1
Total debits
Accumulated depreciation
Accounts payable
Bonds payable
Common stock
Sales
Total
Total credits
U.S. Dollars
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education