Journal entries for each relevant event

Assignment Help Financial Accounting
Reference no: EM132555937

Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows:

Date Events spot rate

15 March 2019 Order £300,000 of inventory A$1.00 = £0.37

11 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd(FOB) A$1.00 = £0.41

30 June 2019 End of financial year A$1.00 = £0.43

02 July 2019 Inventory arrives at warehouse A$1.00 = £0.42

14 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39

Required:

Question a) journal entries for each relevant event. (Round amounts to the nearest dollar). Show your working.

Question b) What is a qualifying asset? Provide two (2) examples.

Reference no: EM132555937

Questions Cloud

How much would bella inc have to deposit annually : How much would Bella Inc. have to deposit annually during the accumulation period if it could earn 8 per cent rather than 7 percent?
Technological and terrorism : Man-made hazards fall into two categories - technological and terrorism. Looking at your own area/jurisdiction which type are you more likely to experience
Prepare the shareholders equity section of the Mid-way : Dec. 31 Earned a profit for the fiscal year and closed the $150,00 net income into Retained Earnings. Prepare the shareholders equity section of the Mid-way
How would an auto part manufacturer use predictive process : How would an auto part manufacturer (aka Tier 1 manufacturers) use predictive process and the shipment timing process? The paper would need to be 1-2 pages.
Journal entries for each relevant event : Journal entries for each relevant event. (Round amounts to the nearest dollar). Show your working. What is a qualifying asset? Provide two (2) examples.
Booming mosquito population : Here is a hypothetical situation: An area of the country has received a record amount of rainfall this year coupled with a mild
Rankings developed by fortune magazine : One standard that corporations use to evaluate their performance against their competitors is the set of rankings developed by Fortune magazine.
Why does drug not target human cells : How does the azole drug fluconazole damage yeast? Why does this drug not target human cells?
What are the pros and cons of cloud computing : Your work so far has been well-received, and the management team is very interested in quickly bringing the rest of the organization into the process.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Perform cause of change analysis

Perform a cause of change analysis from 2008 to 2011 for each of the company to disaggregate the increase in revenue from company owned stores between growth in the average number of average stores open and growth in revenue per store.

  Provide journal entries necessary to account for events

Provide the journal entries necessary to account for the above transactions and events. ABC Ltd issues a prospectus inviting the public to subscribe

  What is the amount of sandhills total assists

The liabilities of Sandhills Company are $94,100 and the stockholders' equity is $243000. What is the amount of Sandhill's total assists?

  What the full manufacturing cost of the job required

What The full manufacturing cost of the job required by M. Green is? Bellavista Ltd remodels gardens for private houses. Each garden will be unique

  Relationship between labor variance and overhead variance

Describe the relationship between the labor efficiency variance and the variable overhead efficiency variance.

  What the gain or loss on the sale was

On December 31, 2018 the Accumulated Depreciation account had a balance of $29,400. If the straight-line method of depreciation was used, the gain or loss

  How the world of business interacts with the legal realm

Consider how the world of business interacts with the legal realm. What skills does a non-legal person need as an employee? What legal training do you feel a businessperson needs in order to make good decisions? Please refer to U.S. Bureau of Labor S..

  Record the journal entry for obnoxious clothes company

The Obnoxious Clothes Company sold 20 obnoxious sweaters to an obnoxious customer at a selling price of $40 per obnoxious sweater. The manufacturing cost was $1

  Fair value measurement

When determining the highest and best use of an asset, what costs should be included in the fair value measurement?

  Total cost-variable and fixed cost

Ryan is debating whether to continue making 2,000 units of product A or to outsource the manufacture of this product. The total cost (variable and fixed) to Ryan to make Product A is $16 a unit. Ryan can buy Product A from the outside for $15 a unit...

  What kind of asset is goodwill

What kind of asset is goodwill? How do you determine the amount of goodwill? How do you treat goodwill subsequent to its acquisition?

  Transaction exposure and economic exposure

What are the different issues involved with translation exposure, transaction exposure and economic exposure? How can companies plan to mitigate the risk of each? What are the opportunity costs associated with measures to mitigate this risk?

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!

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