The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts aredenominated in kroner (Kr).Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentBonds payable-due 2023BuildingsCashCommon stockDepreciation expenseDividends (10/1/20)EquipmentGain on sale of buildingRent expenseRetained earningsSalary expenseSalesUtilities expenseRelevant exchange rates for 1 Kr were as follows:20132014January 1, 2020April 1, 2020July 1, 2020$ 2.502.30January 1, 2020(23,000)46,000(37,000)02.602.702.90(56,000)126,00052,000(61,000)00000(47,000)000December 31, 2020(29,000)96,000(42,000)(6,700)(56,000)101,000Additional InformationAgee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at thestart of operations in 2013.Agee purchased buildings in 2014 and sold one building with a book value of Kr 4,700 on July 1 of the current year.Equipment was acquired on April 1, 2020.9,700(73,000)32,00049,00047,000(7,700)18,700(47,000)37,000(137,000)8,000 e Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at thestart of operations in 2013.Agee purchased buildings in 2014 and sold one building with a book value of Kr 4,700 on July 1 of the current year.• Equipment was acquired on April 1, 2020.Relevant exchange rates for 1 Kr were as follows:20132014January 1, 2020April 1, 2020July 1, 2020October 1, 2020December 31, 2020Average for 2020$2.502.302.602.702.903.003.102.00a: Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, U.S.dollar-translated balance sheet reported retained earnings of $101,600, which included a remeasurement loss of $13,050.a. Remeasurementb Translation adjustmentb. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2020? The December 31, 2019, U.S.dollar translated balance sheet reported retained earnings of $115,000 and a cumulative translation adjustment of $13,300 (creditbalance).(For all requirements, input all answers as positive.)gain

Name: The following account balances are for the Agee Company as of January
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts aredenominated in kroner (Kr).Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentBo

Remeasurement is the process of converting foreign currencies into the subsidiary's functional…

Business

Accounting

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 January 1, 2020 December 31, 2020 (29,000) 96,000 $ 2.50 2.30 2.60 2.70 (23,000) 46,000 (37,000) 0 (56,000) 126,000 52,000 (61,000) 0 0 0 0 (47,000) 0 0 Additional Information » Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. Agee purchased buildings in 2014 and sold one building with a book value of Kr 4,700 on July 1 of the current year. Equipment was acquired on April 1, 2020. (42,000) (6,700) (56,000) 101,000 9,700 (73,000) 32,000 49,000 47,000 (7,700) 18,700 (47,000) 37,000 (137,000) 8,000

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 January 1, 2020 December 31, 2020 (29,000) 96,000 $ 2.50 2.30 2.60 2.70 (23,000) 46,000 (37,000) 0 (56,000) 126,000 52,000 (61,000) 0 0 0 0 (47,000) 0 0 Additional Information » Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. Agee purchased buildings in 2014 and sold one building with a book value of Kr 4,700 on July 1 of the current year. Equipment was acquired on April 1, 2020. (42,000) (6,700) (56,000) 101,000 9,700 (73,000) 32,000 49,000 47,000 (7,700) 18,700 (47,000) 37,000 (137,000) 8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the interest income on the income statement for 2020 was Choices; P729,000 P951,000 P 903,000 P1,125,000
Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, propare a Statomont of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, 000 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional contribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable 8, 110 Unearned income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Long-term note payable 23, 000 Accounts receivable 575 Merchandise Inventory 15,345 Utlities payable 4, 000
These financial statement items are for Pharoah Company at year-end, July 31, 2020. Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 161,200 July 31 Purchase of equipment 68,100 229,300 Sept. 2 Cost of equipment constructed 54,600 283,900 Nov. 10 Cost of equipment sold 49,100 234,800 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 70,700 Nov. 10 Accumulated depreciation on equipment sold 31,200 39,500 Dec. 31 Depreciation for year 24,200 63,700 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 104,200 Aug. 23 Dividends (cash) 15,800 88,400 Dec. 31 Net income 66,700 155,100 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The…
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building. Rent expense Retained earnings Salary expense Sales Utilities expense Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $ 2.45 2.25 2.55 2.65 2.85 2.95 3.05 2.75 January 1, 2020 (24,000) 45,000 (36,000) 0 Additional Information • Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. (For all requirements, input all answers as positive.) 8. Remeasurement b. Translation adjustment • Agee purchased buildings in…
These financial statement items are for Pharoah Company at year-end, July 31, 2020. Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600
The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…
The balance sheet data of Flounder Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings (a) (b) (c) Net Cash Net Cash 2020 $29,800 55,100 65,400 15,200 89,200 (17,840) 70,700 $307,560 Net Cash $65,500 15,100 -0- 30,000 188,100 8.860 $307,560 ✓by operating activities Land was acquired for $30,300 in exchange for common stock, par $30,300, during the year, all equipment purchased was for cash. Equipment costing $12.900 was sold for $3,000, book value of the equipment was $6,100 Cash dividends of $10,000 were declare and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a-sign eg-12.000 or in parenthesis es (12.00 V by investing activities 2019 $34,800 44,800 ✓by financing activities 45,100 25,100 74,200…
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals View transaction list Journal entry worksheet
The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)
PLEASE HELP ME