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1) What is the concept of current rate method of translation and temporal method of translation? How does balance sheet exposure differ under these two methods?
2) The 2010 financial statement of Child Co. Inc (Mexico), a subsidiary of Parent Co. Inc (United States), reveals the following information:
Beginning Inventory
Peso 100,000
Purchases
Peso 500,000
Ending Inventory
Peso 150,000
COGS
Peso 450,000
US dollar exchange rate for 1 Peso:
January 1, 2010
$0.45
Average, 2010
$0.42
December 31, 2010
$0.38
The beginning inventory was acquired when the exchange rate was $0.50 last quarter of 2009; ending inventory was acquired when the exchange rate was $0.40 last quarter of 2010.
Report amounts of ending inventory and cost of goods sold to be included in the consolidated financial statements under (1) Current rate method and (2) Temporal method.
Assuming that the US Corp. has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the purchase.
1. Discuss the key elements of the inventory costing method. 2. Discuss why it is appropriate to use this method.
On March 5th, Blowout Sales makes $22,500.00 in sales on the company's own credit cards. The cost of merchandise sold are $16,825.00. Journalize the sales and recognition of the cost of merchandise sold.
SDJ, Inc. has net working capital of $1,570, current liabilities of $4,380, and inventory of $1,875. What is the current ratio? What is the quick ratio?
The total budgeted manufacturing overhead for the year was $2,000,000, of which $1,600,000 was variable and $400,000 was fixed.
What is the amount that Marcus must include in gross income for the current year?
The new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?
Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000.
A. What is bad debt expense for 2011? B. Determine the amount of accounts receivable writted off during 2011. C. If the company uses the direct write-off method, what would bad debt expense be for 2011?
What balance will be reported on the December 31, 2010 balance sheet for Accumulated Depreciation?
During the year, National sold 48,000 washing machines and paid warranty costs of $340,000. In its income statement for the year ended December 31, National should report warranty expense of
A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000. Keen"s gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At Decembe..
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