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Jones Corporation placed an order to purchase merchandise from a foreign supplier on August 1, 2010 for 100,000 FC (Foreign Currency). On October 31, 2010, the merchandise is delivered and paid for and is fully consumed by December 31, 2010. Jones Corporation also entered into a forward contract on August 1, 2010 to purchase 100,000 FC in three months at the agreed-on forward rate. The forward contract is properly designated as a fair value hedge of a fair value currency firm commitment. The fair value of the firm commitment is measured through reference to changes in the forward rate. Relevant rates for the FC are as follows:
Date Spot Rate Forward Rate, Oct 31, 2010August 1 $1.300 $1.310September 31 $1.305 $1.325October 31 $1.320
The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.
Assuming the U.S. tax rate is 35%, and that this is Nocera's first year of operations, what is Nocera's balance in its deferred tax asset and deferred tax liability accounts at year end?
The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be.
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Evaluate the proposed change in credit standards and make a recommendation to the firm.
What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?
A master budget is a detailed and comprehensive analysis of organizations long- and short-term goals. 1. Identify the major inputs to the master budget and the usefulness of each.
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Why are measures of "service efforts and accomplishments" of more concern in government and not-for-profits than in businesses?
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
Do you think this makes sense? How much of the internal control details should the managers know given that they will have to sign documentation attesting to the efficiency of internal controls?
Prince Corporation purchased 960,000 shares of Smithtown Corporation's common stock (an 80% interest) for 21,200,000 on January 1, 2006. The 2,000,000 excess of investment cost over book value acquired was allocated to goodwill-Calculate the balan..
What is the best way to explain accounting to a non-accountant? Analyze the importance of having a good understanding of accounting, and the implications of a lack of understanding have for business?
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