User Account

All Pages

Calculate the translation adjustment for ramirez

Assignment Help Financial Accounting
Reference no: EM132966346

On January 1, 2021, Baker Co., a U.S. corporation with the U.S. dollar as its functional currency, established Ramirez Co. as a subsidiary. Ramirez is located in the country of Lalique, and its functional currency is the Trinket (T).

Ramirez engaged in the following transactions during 2021:

January 1, 2021
Issued common stock for 600,000 Trinkets.
June 25, 2021 Sold a patent at a gain of 75,000 Trinkets.
August 1, 2021 Paid dividends of 53,000 Trinkets.

Ramirez's operating revenues and expenses for 2021 were 900,000 Trinkets and 750,000 Trinkets, respectively. The appropriate exchange rates were:

January 1, 2021 1 Trinket = $3.50
June 25, 2021 1 Trinket = $3.20
August 1, 2021 1 Trinket = $3.70
December 31, 2021 1 Trinket = $3.80
Average for 2021 1 Trinket = $3.40

Required:

Problem a. Calculate the translation adjustment for Ramirez. (Round your answers to the nearest whole dollar.)

Problem b. What is the purpose of the translation adjustment?

Reference no: EM132966346

Questions Cloud

Calculate the daily count of items by applying the cycle : Calculate the daily count of items by applying the cycle counting method. Hosulton is a well known corporate incentives and awards manufacturer in Ontario.
Example of an ethical decision-making model : Knowledge and comprehension of ethical principles and concepts in community services - identify the importance of informed consent, proper record-keeping
Which may susan cue use on business cards : Which may Susan Cue use on business cards? Susan Cue is a CPA who is not in public practice. Susan is employed as the Chief Financial Officer
How much will he have in the account in five years : Ron invests $5,000 today in an account that pays 8% APR with quarterly compounding. How much will he have in the account in 5 years
Calculate the translation adjustment for ramirez : Calculate the translation adjustment for Ramirez. On January 1, 2021, Baker Co., a U.S. corporation with the U.S. dollar as its functional currency
Determine which of the segments was separately reportable : Pan Corp. is organized into four operating segments. Prepare the profit or loss test to determine which of these segments was separately reportable.
Calculate the net profit after taxes : If the bank note interest was 850 and the bond interest was 2,310, what will be the 'net profit before taxes'? Calculate the 'net profit after taxes'
Contrast the three different working capital policies : Contrast the three different working capital policies. Which policy would you consider introducing if wanted a venture predicted profitability to be higher?
Prepare a vertical analysis of the income statement : Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd