Prepare the journal entries to record the sale and all the adjustments required at November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment and forward contract accounts.

Question

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Answer 1

Question

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

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Answer 2

Question

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

c.

To determine

Evaluate the amount of sales 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 sales 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 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

Answer 6

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

Answer 7

Chapter 7, Problem 40E

a.

To determine

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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

Answer 8

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

Answer 9

b.

To determine

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

received for both the sale of goods and the settlement of the forward-contract derivative.

Answer 10

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

Answer 11

c.

To determine

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.

Answer 12

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Answer 13

Expert Solution & Answer

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 November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment and forward contract accounts.

Prepare the journal entries to record the sale and all the adjustments required at November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment and forward contract accounts.

Compare with the forward rate at the beginning of the forward contract the net cash received for both the sale of goods and the settlement of the forward-contract derivative.

Evaluate the amount of sales 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 sales 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

November 10, 2018, December 31, 2018 and February 10, 2019 for the firm commitment

and forward contract accounts.

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

received for both the sale of goods and the settlement of the forward-contract derivative.

Evaluate the amount of sales 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 sales recognized across the quarters ending Dec 31, 2018, and Mar 31, 2019.