Homework Help is Here – Start Your Trial Now!
Business
Accounting
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) SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20x1 Cash Accounts receivable (net) inach U.S. Dollars

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) SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20x1 Cash Accounts receivable (net) inach U.S. Dollars

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
On January 1, 20X1. Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 68,000. 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 Pald Total January 1 March 1 November 1 December 31 2001 average Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,560 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 Str. 5 1-0.73 1-0.74 1-0.77 140.00 1-0.75 Debit SFr 7,300 23,500 5,700 20,500 105,000 6. The Swiss franc is the functional currency SFr 11,700 12,400 54,500 68,000 156,300 71,000 11,700 33,000 17,200 SFr302,900 SFr302,900
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) 68,000. 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 Pald Total January 1 March 1 November 1 December 31 2001 average Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,560 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 Str. 5 1-0.73 1-0.74 1-0.77 140.00 1-0.75 Debit SFr 7,300 23,500 5,700 20,500 105,000 6. The Swiss franc is the functional currency SFr 11,700 12,400 54,500 68,000 156,300 71,000 11,700 33,000 17,200 SFr302,900 SFr302,900
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 Cast 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 $ $ $ S 0 0 0 0
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 Cast 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 $ $ $ S 0 0 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Foreign Exchange Transactions
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS