Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 Bought inventory costing 118,000 pesos on credit. May 1 Sold 80 percent of the inventory for 98,000 pesos on credit. August 1 Collected 79,000 pesos from customers. September 1 Paid 69,000 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date U.S. Dollar per Peso March 1 $ 0.16 May 1 0.17 August 1 0.18 September 1 0.19 December 31 0.20 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 Bought inventory costing 118,000 pesos on credit. May 1 Sold 80 percent of the inventory for 98,000 pesos on credit. August 1 Collected 79,000 pesos from customers. September 1 Paid 69,000 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date U.S. Dollar per Peso March 1 $ 0.16 May 1 0.17 August 1 0.18 September 1 0.19 December 31 0.20 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? a. inventory b. COGS c. sales d. accounts receivable e. accounts payable f. cash
Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 Bought inventory costing 118,000 pesos on credit. May 1 Sold 80 percent of the inventory for 98,000 pesos on credit. August 1 Collected 79,000 pesos from customers. September 1 Paid 69,000 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date U.S. Dollar per Peso March 1 $ 0.16 May 1 0.17 August 1 0.18 September 1 0.19 December 31 0.20 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 Bought inventory costing 118,000 pesos on credit. May 1 Sold 80 percent of the inventory for 98,000 pesos on credit. August 1 Collected 79,000 pesos from customers. September 1 Paid 69,000 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date U.S. Dollar per Peso March 1 $ 0.16 May 1 0.17 August 1 0.18 September 1 0.19 December 31 0.20 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? a. inventory b. COGS c. sales d. accounts receivable e. accounts payable f. cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020:
| March 1 | Bought inventory costing 118,000 pesos on credit. |
| May 1 | Sold 80 percent of the inventory for 98,000 pesos on credit. |
| August 1 | Collected 79,000 pesos from customers. |
| September 1 | Paid 69,000 pesos to suppliers. |
Currency exchange rates for 1 peso for 2020 are as follows:
| Date | U.S. Dollar per Peso | ||
| March 1 | $ | 0.16 | |
| May 1 | 0.17 | ||
| August 1 | 0.18 | ||
| September 1 | 0.19 | ||
| December 31 | 0.20 | ||
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, what amount will Voltac report on its 2020 financial statements?
Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020:
| March 1 | Bought inventory costing 118,000 pesos on credit. |
| May 1 | Sold 80 percent of the inventory for 98,000 pesos on credit. |
| August 1 | Collected 79,000 pesos from customers. |
| September 1 | Paid 69,000 pesos to suppliers. |
Currency exchange rates for 1 peso for 2020 are as follows:
| Date | U.S. Dollar per Peso | ||
| March 1 | $ | 0.16 | |
| May 1 | 0.17 | ||
| August 1 | 0.18 | ||
| September 1 | 0.19 | ||
| December 31 | 0.20 | ||
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, what amount will Voltac report on its 2020 financial statements?
a. inventory
b. COGS
c. sales
d.
e. accounts payable
f. cash
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