What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

Question

LMT Corporation manufactures and sells a product called Product ZX. Each unit of Product ZX requires 2.5 hours of direct labor at the rate of $20.00 per direct labor hour. The company plans to sell 38,000 units of Product ZX in July. The finished goods inventories on July 1 and July 31 are budgeted to be 720 and 220 units, respectively. Budgeted direct labor costs for July would be __.

Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

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LMT Corporation manufactures and sells a product called Product ZX. Each unit of Product ZX requires 2.5 hours of direct labor at the rate of $20.00 per direct labor hour. The company plans to sell 38,000 units of Product ZX in July. The finished goods inventories on July 1 and July 31 are budgeted to be 720 and 220 units, respectively. Budgeted direct labor costs for July would be __.

During 2018, Dalton Enterprises earned revenues of $95,000, had expenses of $72,000, purchased assets costing $10,500, and paid dividends of $7,200. What was Dalton Enterprises' net income for the year?

Davidson Corporation owns a non-depreciable capital asset held for investment. The asset was purchased for $300,000 ten years earlier and is now subject to a $50,000 liability. During the current year, Davidson transfers the asset to Martin in exchange for $80,000 cash and a new boat with a $40,000 FMV to be used by Davidson for personal use. Martin assumes the $50,000 liability. Determine the amount of Davidson's LTCG or LTCL.

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Expert Solution & Answer

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Answer 4

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Expert Solution & Answer

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Answer 5

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Answer 6

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

Answer 7

Chapter 10, Problem 29P

a.

To determine

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

Answer 8

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

Answer 9

b.

To determine

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

Answer 10

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Answer 11

c.

To determine

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Answer 12

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Ch. 10 - Prob. 1Q Ch. 10 - What causes balance sheet (or translation)...Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - Prob. 6Q Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Prob. 9Q Ch. 10 - Prob. 10Q

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

Solution Summary: The author explains the translation adjustment for subsidiary in 2017 when functional currency is US Dollar. The remeasurment gain or loss will be reported in operating income.

What is the translation adjustment for subsidiary in 2017 when functional currency is US Dollar?

What is the re-measurement gainer loss for 2017 when US Dollar subsidiaries functional currency.

What is the translated value of land of land account on December 31, 2017. What is the measured value of land in balance sheet?

Chapter 10 Solutions