User Account

All Pages

What amount should mifflin include as foreign exchange gain

Assignment Help Accounting Basics
Reference no: EM133157118

Question - On July 1, 2020, Mifflin Company borrowed 410,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date Amount

July 1, 2020 (date borrowed) $330,000

December 31, 2020 (Mifflin's year-end) 321,400

July 1, 2021 (date repaid) 308,900

Required - In its 2021 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?

Reference no: EM133157118

Questions Cloud

Hr challenges that have emerged due to the firm growth : Ten years ago, as a hungry Sam Dickinson walked through a shopping mall looking for a quick lunch, he despaired at the choices. High-fat and calorie fast-food w
Best practices and features of a learning organization : Compile a "checklist" of best practices and features of a learning organization. Your "checklist" should be comprehensive and must include the following:
What is the journal entry for the acquisition : On January 1, 2021, the Dayton Auto Parts Company acquired nine identical assembly robots for total of $594,000 cash. What is journal entry for the acquisition
How do you become an effective follower : Independent critical thinking. Followers help a company succeed by uniting under a leader to help bring their goals to fruition.
What amount should mifflin include as foreign exchange gain : Mifflin Company borrowed 410,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. What amount should Mifflin include
Explain the responsibility of the accounting department : What is one advantage of having 2 costs pools (one for fixed costs and one for variable costs) for each service department?
Develop a method to properly rate employee skills : How do we actually develop a method to properly rate employee skills? What do skill-sets have to do with strategic vision?
Executive functioning skills-narrative reflection assignment : Complete all the sections. Pay close attention to grammar, punctuation, organization, and content of your essay. Deep dive into your own learning experience and
Explain porter five force model : Explain Porter's Five Force Model - Apply the five forces model to AIRBNB

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