Solution-What amount should be included as foreign currency

What amount should be included as foreign currency

Assignment Help Accounting Basics

Reference no: EM132773994

Question - Hollywood Corporation had a realized foreign exchange loss of $25,000 for the year ended December 31, 2020, and must also determine whether the following items will require year-end adjustment.

Hollywood had an $8,000 translation loss resulting from the translation of the accounts of its wholly owned foreign subsidiary for the year ended December 31, 2020. The functional currency is the foreign local currency.

Hollywood had an account payable to an unrelated foreign supplier payable in the supplier's local currency. The U.S. dollar equivalent of the payable was $60,000 on the October 31, 2020, invoice date, and it was $63,000 on December 31, 2019. The invoice is payable on January 30, 2021.

In Hollywood's 2020 consolidated income statement, what amount should be included as foreign currency translation loss?

Reference no: EM132773994

Questions Cloud

What are the standard audit completion procedures : What are the standard audit completion procedures? What are subsequent events? Give at least two examples of subsequent events

Which entry necessary to establish a petty cash fund should : Which entry necessary to establish a petty cash fund should include? A credit to Cash and a debit to Petty Cash. / A debit to Petty Cash

Develop a role description for a graduate-level nurse : In preparation of filling this role, develop a 3-4-page role description for a graduate-level nurse to guide his/her participation on the implementation team.

Focus on the movement of traditional it staff : The main focus is on the movement of traditional IT staff. To facilitate cultural assimilation, IT and non-IT must become more integrated.

What amount should be included as foreign currency : In Hollywood's 2020 consolidated income statement, what amount should be included as foreign currency translation loss

Create loop to print the month number and name : Create a list that contains the months of the year. Create a loop to print the month number and name (do not hard code the month number)

Elements of the environment : Why is it so important for managers to check up on all elements of the environment? Which one of the environment elements do you think is the most important to

What the amount of the cheque should be : The cancelled cheques returned by the bank this month. As a result, in preparing this month's reconciliation, the amount of this cheque should be

Calculate the maximum CCA deduction allowed : Calculate the maximum CCA deduction allowed, ending UCC balance(s), and confirm whether or not there is a capital gain or capital loss

User Account

All Pages

What amount should be included as foreign currency

Reference no: EM132773994

Reference no: EM132773994

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT