Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

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Answer 1

Question

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

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Cariveh Co sells automotive supplies from 25 different locations in one country. Each branch has up to 30 staff working there, although most of the accounting systems are designed and implemented from the company's head office. All accounting systems, apart from petty cash, are computerised, with the internal audit department frequently advising and implementing controls within those systems. Cariveh has an internal audit department of six staff, all of whom have been employed at Cariveh for a minimum of five years and some for as long as 15 years. In the past, the chief internal auditor appoints staff within the internal audit department, although the chief executive officer (CEO) is responsible for appointing the chief internal auditor. The chief internal auditor reports directly to the finance director. The finance director also assists the chief internal auditor in deciding on the scope of work of the internal audit department. You are an audit manager in the internal audit…

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Answer 2

Question

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

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Answer 3

Question

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

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Answer 4

Question

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

Answer 6

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

Answer 7

Chapter 9, Problem 37P

a.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

Answer 8

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

Answer 9

b.

To determine

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

Solution Summary: The author explains how to prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and forward contact.

Prepare journal entries for entering into the forward contract as a fair value hedge receivable for both sale and the forward contact.

Prepare journal entries for entering into the forward contract as a fair value hedge of a firm commitment and the forward contact.

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