User Account

All Pages

Prepare General Journal entries that Portsmith would record

Assignment Help Accounting Basics
Reference no: EM132473190

Question - On November 1, 2014, Portsmith Corporation, a calendar-year U.S. corporation, invested in a purely speculative contract to purchase 1 million yen on January 30, 2015, from the Karoke Trading Company, a Japanese brokerage firm. Portsmith agreed to purchase 1,000,000 yen from Karoke at a fixed price of $0.0100 per yen. Karoke agreed to transmit 1,000,000 yen to Portsmith on January 30. Net settlement is not permitted. The spot rates for yen are:

Nov 01, 2014 1 yen = $0.0097

Dec 31, 2014 1 yen = $0.0104

Jan 30, 2015 1 yen = $0.0106

The 30-day forward rate for yen on December 31, 2014 was $0.0104.

Required - Prepare the General Journal entries that Portsmith would record on November 1, December 31, and January 30.

Reference no: EM132473190

Questions Cloud

Describe the impact to the real wage and real rental price : ) Describe the impact to the real wage and real rental price of capital that occurs in the long run equilibrium that immediately follows the decision to adopt
Prepare the journal entries required for these transactions : On March 1, 2014, Amber Company sold goods to a foreign customer at a price of 50,000 foreign currency units. Prepare journal entries required for transactions
Pattern of trade establishment between india and england : What would be the pattern of trade establishment between India and England given your answer in (a. above) ?
Find and calculate manufacturing cost for the company : Find if the cost method the company has chosen is most appropriate and explain three (3) reasons why the method is appropriate.
Prepare General Journal entries that Portsmith would record : The 30-day forward rate for yen on December 31, 2014 was $0.0104. Prepare the General Journal entries that Portsmith would record on November 1
Defines the four major health care financial analysis ratios : Defines the four major Health Care Financial Analysis ratios. Conducts a ratio analysis completing the financial calculation using examples from Ratio Analysis.
When does economic performance occur : Assume XYZ completes the renovation in February 2019. When does economic performance occur? When can Elppa deduct the $200,000 payment
Problem - Imputation of Interest : Problem - Imputation of Interest. Prepare the journal entry to record this transaction and determine the amount of interest expense to report for 2017
Discuss to indicate about the great recession : Discuss author indicates that the Great Recession of 2009 was not caused by the Free Market, but was instead caused by US Government policies.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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