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(a) Describe the concepts of functional and presentational currencies in the context of accounting for overseas operations.
(b) Broome Ltd established an overseas subsidiary on 1/7/2011 with FC100 000 capital. Cash of FC100 000 was the only asset on 1/7/2011. In the year ended 30/6/2012, profit ofFC45 000 was made and the statement of financial position showed thefollowing:
Machinery FC100 000
Inventory20 000
Receivables16 000
Cash9 000
Total assets145 000
Capital100 000
Retained earnings 45 000
145 000
On 1/7/2011, the exchange rate was A$1 = 2FC; on 30/6/2012 the rate was A$1 = 2.5FC; the average rate for 2011/2012 was A$1 = 2.25FC. The functional currency is the foreign currency.
Translate the profit of FC45 000 and the statement of financial position into Australian dollars. Explain the nature of the balancing item foreign exchange gain.
Prepare journal entries to account for the transactions and information described in Exhibits 1-2 and 1-3 and prepare a revised statement of financial position after the journal entries prepared in Required 1 have been recorded.
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The net income per books of Adamson Company was determined without knowledge of the errors indicated below. Prepare a work sheet to show the adjusted net income figure for each of the 6 years after taking into account the inventoryerrors.
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The cash balance on February 1st was $20,000. Zeppelin's goal is to maintain at least a $20,000 cash balance. Zeppelin can borrow cash in increments of $1,000. How much cash is budgeted to be paid in February for operating costs?
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Prepare journal entries to record the preceding transactions on Adjusto's books, including the adjusting entries at the end of 2007.
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