On January 1, 20X1. Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investmentcost of Swiss francs (SFr) 68,000. SunTime's December 31, 20X1, trial balance in SFr is as follows:CreditCashAccounts Receivable (net)Receivable from Popular CreekInventoryPlant & EquipmentAccumulated DepreciationAccounts PayableBonds PayableCommon StockSalesCost of Goods SoldDepreciation ExpenseOperating ExpenseDividends PaldTotalJanuary 1March 1November 1December 312001 averageAdditional Information1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,560 payable to SunTime2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 13. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken inthe year of acquisition. The equipment was acquired on March 1,4. The dividends were declared and paid on November 15. Exchange rates were as followsStr. 51-0.731-0.741-0.77140.001-0.75DebitSFr 7,30023,5005,70020,500105,0006. The Swiss franc is the functional currencySFr 11,70012,40054,50068,000156,30071,00011,70033,00017,200SFr302,900 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)CashAccounts receivable (net)Receivable from Popular CreekInventoryPlant and equipmentCast of goods soldDepreciation expenseOperating expenseDividends paidTotalSUNTIME COMPANYTrial Balance Translation ScheduleDecember 31, 20x1Total debitsAccumulated depreciationAccounts payableBonds payableCommon stockSalesTotalTotal creditsU.S. Dollars$$$S0000

Translation from one Functional currency to another currency that is to report the balance in that…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal entries for an account payable denominated in Mexican Pesos ($US weakens and strengthens) Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos (Peso) in the amount of 350,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates: December 15 $0.046:1 Peso December 31 $0.053:1 Peso March 15 $0.050:1 Peso Prepare the journal entries to record the purchase (assume perpetual inventory accounting), the required adjusting entry at December 31, and the payment on March 15. General Journal Date Description Debit Credit Accounts payable Accounts payable Dec 15 Inventory Dec 31 Foreign currency transaction loss Mar 15 Accounts payable ÷ 16,100 0 0 16,100 2,450 0 0 2,450 28,000 × 0 Foreign currency transaction gain 0 10,500 x Cash 0 17,500
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
PT A has foreign currency balances as of December 31, 2015 as follows: Account name Foreign currency Balance as of December 31, 2015 Bank USD 100 Rp 1.100.000 Account Receivable USD 200 Rp 2.200.000 Account Payable USD 300 Rp 3.300.000 Capital Stock USD 400 Rp 4.400.000 (according to the deed) Required Compute and make adjusting entries on arising if the BI middle rate on December 31, 2015 was 1 USD is Rp 12,000!
Асcount Typе Opening Deposit Rate(APR) APY Checking - Variable Rate $0 0.25% 0.25% Money Market - Variable Rate $250.00 1.00% 1.01% Summer Cash - Variable Rate $0 0.99% 1.00% Holiday Cash - Variable Rate $0 0.75% 0.75%
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Cassowary Corporation’s balance sheet at December 31, 2016 included a $20,400 account receivable from Quail Corporation of Australia. The account receivable is denominated as 30,000 Australian dollars (A$). Assuming no entries have been made since 12/31/2016, what single entry should Cassowary make on January 16, 2017 when the account receivable is collected and the exchange rate for A$ is $.67? Select one: a. Cash (fc) 20,100 Accounts Receivable (fc) 20,100 b. Cash (fc) 20,100 Exchange Loss 300 Accounts Receivable (fc) 20,400 c. Cash (fc) 20,400 Accounts Receivable (fc) 20,400 d. Cash (fc) 20,700 Accounts Receivable (fc) 20,400 Exchange Gain 300
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