User Account

All Pages

How to prepare the journal entries for transaction date

Assignment Help Financial Accounting
Reference no: EM132579775

On February 1, 2019, CEDN acquired inventory from USA, an American based supplier for $USD 80,000. Legal possession of this inventory was also in February 1. CEDN's fiscal year end is August 31. An agreement was reached where payment for the inventory would be made November 30, 2019. The functional currency is the Canadian dollar, and there are no forward exchange contracts.

Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below:

Assume the following exchange rates applied:

Transaction date: February 1, 2019:1 U.S. Dollar = CDN$1.425

Year end: August 31, 2019:1 U.S. Dollar = CDN$1.415

Settlement date: November 30 , 2019:U.S. Dollar = CDN$1.445

Question 1: Prepare the journal entries that would be prepared on the: Transaction Date; Reporting Date; and Settlement Date

Reference no: EM132579775

Questions Cloud

Calculate the portfolio weight of stock c : Suppose Amalanda Company has the following portfolio of stocks. Based on the information below, calculate the portfolio weight of stock C.
Explain either utilitarianism or Kant deontology : Explain either utilitarianism or Kant's deontology. In doing so, you must explain the core principles or features of the theory
Estimates for the equity value : You have married into a family business and you are in charge of the finances. Your father-in-law is considering an IPO
Understand the concepts of inflation and present value : Why is it important to understand the concepts of inflation, present value, and future value as Saudi Arabia moves towards Saudi Vision 2030?
How to prepare the journal entries for transaction date : On February 1, 2019, How to Prepare the journal entries that would be prepared on the: Transaction Date; Reporting Date; and Settlement Date
What is the price the bond would currently be trading : You want to buy a corporate bond for your portfolio. Assume it is the same as every bond we have discussed in class
Define code of conduct or policy uses ethical theories : In a two-page essay, choose a code of conduct or ethics policy from an organization where you currently work or could potentially see yourself working.
Discuss the workforce approaching retirement age : Suggest two (2) staffing strategies that organizations can utilize to maintain sustainability and minimize the impact of a significant percentage.
Essential for business planning growth and success : Financial statements are essential for business planning growth and success. How do you plan to overcome those challenges?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What rate of return did mike earn over year

During the year he received dividends of $1.45 per share. The stock is currently selling for $60 per share. What rate of return did Mike earn over the year?

  Types of taxpayers are entitled for home office deduction

What is the purpose of Schedule C? Provide examples of whom would complete this schedule. Find some resources/videos online regarding completing the Schedule C. What types of taxpayers are entitled for a home office deduction? Also, what are some thi..

  Prepare flexible budget for august in contribution format

Suppose actual sales demand increases to 700,000 units for August; assume the units are within the relevant range. Prepare the flexible budget for August in contribution format.

  Discuss apple fairly presented this information

Explain how you would have advised Apple to adopt the new requirements, prospectively or retrospectively. Discuss whether or not Apple fairly presented this information in their financial statement and footnote disclosures, and state your rationale.

  What are the major liabilities of wesfarmers

What are the major liabilities of Wesfarmers at the end of the financial year - How do these amounts compare with the previous year

  Transaction debit credit balance

Number Date Description of Transaction Debit Credit Balance

  What amount of patent costs should be capitalized

New Co. received a patent on a new type of machine. The legal costs and the patent application costs totaled $180,000.

  What is the new return on equity

What is the New return on equity? uses this money to retire debt, additional $12 million of common stock and what happens to the expected return on the stock?

  Find what was the total amount of withdrawals for the year

What was the total amount of withdrawals for the year? What was the net income? What was the total revenue? What were the total expenses?

  What factors you consider to determine deficiency

What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists?

  Costs charged to work in process-computation using cost data

The inventory at June 1 and costs charged to work in process-Department 60 during june are as follows: Determine the following, presenting your computations (prepare your computations using unit cost data to four decimal places, I.e $4.4444, to minim..

  What type of strategy do you believe abc is pursuing

Based on this information, do you believe ABC's increase in operating income in 2014 is consistent with the strategy you identified in part a

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