User Account

All Pages

Show the needed journal entries for Dec

Assignment Help Accounting Basics
Reference no: EM132998774

Question - On December 1, 2020, Brown Inc, a US firm, is seeking to acquire Faulkland Islands Pounds (FKP) for an upcoming future transaction. They determine they need to convert 200,000 FKP to be delivered on January 31, 2019. The exchange rate on December 1st is 1 FKP is equal to $1.27 US. However, the contract will require a premium for future contract totaling $1.34 on date of origination (forward contract rate).

The exchange rate on 12/31 (Brown's fiscal year end) is $1.32. The exchange rate on 1/31 is $1.37.

Required - Show the needed journal entries for:

-Dec 1

-Dec 31

-Jan 31.

Reference no: EM132998774

Questions Cloud

Find what is the percentage cost of the preferred stock : The stock pays a dividend of $12 per share, and sells for $80. The corporate tax rate is 21%. What is the percentage cost of the preferred stock?
Compute the revised profit margin and gross profit rate : Compute the revised profit margin and gross profit rate. The vice president of marketing and the director of human resources have developed a proposal
Prepare a classified balance sheet for wolford department : At the end of the company's fiscal year on November 30, 2017, Prepare a classified balance sheet for Wolford Department Store.
Prepare a multiple-step income statement for wolford depart : Prepare a multiple-step income statement. During the past several years, net income has been declining because suburban shopping centers.
Show the needed journal entries for Dec : The exchange rate on 12/31 (Brown's fiscal year end) is $1.32. The exchange rate on 1/31 is $1.37. Show the needed journal entries for Dec
How does clause benefit employees : In light of fluctuating inflation rates, a technology company adds a cost-of-living adjustment clause in its labor contracts. How does clause benefit employees?
What is the tax expense : If earnings before taxes (EBT) are 175,000, net sales (all on credit) are 315,000, dividends are 25,000 and net income is 90,000, what is the tax expense
Why had such impact on financial institutions around world : Starting in 2007, Discuss the sources of the 2007 crisis and why it had such an impact on financial institutions around the world?
Calculate his cpp deduction : Question - Your employee is 71 years old and earned $395.52 of pensionable earnings this pay cycle. Calculate his CPP deduction

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