Prepare the journal entries to record the sale and all the adjustments required at October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and forward contract accounts.

Question

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Answer 1

Question

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

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Answer 2

Question

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Answer 6

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

Answer 7

Chapter 7, Problem 37E

a.

To determine

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

Answer 8

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

Answer 9

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

Answer 10

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Answer 11

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Prepare the journal entries to record the sale and all the adjustments required at October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and forward contract accounts.

Prepare the journal entries to record the sale and all the adjustments required at October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and forward contract accounts.

Compare with the forward rate at the beginning of the forward contract the net cash paid for both settlement of payable and forward-contract derivatives.

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018; the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

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Chapter 7 Solutions

Prepare the journal entries to record the sale and all the adjustments required at

October 20, 2018, December 31, 2018 and January 20, 2019 for the accounts payable and

forward contract accounts.

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both settlement of payable and forward-contract derivatives.

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending Dec 31, 2018, and

Mar 31, 2019.