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On November 10, 2011, King Co. sold inventory to a customer in a foreign country. King agreed to accept 96,000 local currency units (LCU) in full payment for this inventory. Payment was to be made on February 1, 2012. On December 1, 2011, King entered into a forward exchange contract wherein 96,000 LCU would be delivered to a currency broker in two months. The two month forward exchange rate on that date was 1 LCU = $.30. Any contract discount or premium is amortized using the straight-line method. The spot rates and forward rates on various dates were as follows: November 10, 2011 Spot Rate $35= 1LCU December 1, 2011 Spot Rate $32= 1LCU 2 Month Forward Rate $30= 1LCU December 31, 2011 Spot Rate $29= 1LCU 1 Month Forward Rate $28= 1LCU The company's borrowing rate is 12%. The present value factor for one month is .9901. (A.) Assume this hedge is designated as a cash flow hedge. Prepare the journal entries relating to the transaction and the forward contract.
(B.) Assume this hedge is designated as a fair value hedge. Prepare the journal entries relating to the transaction and the forward contract.
During March, Doe corp. incurred $65,000 of direct labor costs and $9,000 of indirect labor costs. The journal entry to record accrual of these wages would comprise either a debit or credit to work in process of what amount?
The amount of the gift was $30,000. Gift taxes of $10,000 were paid. Evaluate Emma's adjusted basis in the necklace?
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Evaluate total manufacturing overhead for the year
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In your opinion, as a body of rules and regulations, Describe whether or not the rules and regulations are sufficient to minimize fraudulent activities in organizations.
Purpose journal entries to record the transactions.
Calculation of good will - Total Shareholders' Equity of Little
Explain how would your answer to part a change if Randall originally organized Silver Fox Corporation, capitalizing it with $250,000 of cash and assuming Silver Fox qualifies as a small business corporation?
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Whole a production cost report for the Motor Department of Sun Appliance for March. Leave no cells blank - be certain to enter "0" wherever needed.
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