User Account

All Pages

What amount the purchase should be recorded on march

Assignment Help Accounting Basics
Reference no: EM132919160

On 1 March 2022 possum ltd, an Australian entity, purchases US 1.5 million of inventory from Lincoln inc a us entity. The amount is paid on 1 August 2022. Possum ltd has a 30june financial year end.

Additional information

Date                        Spot rate
1 march 2022.     A1.00 = US 0.70
30 June 2022.      A 1.00 = US 0.72
1 August 2022.    A 1.00 = US 0.70

Problem 1: at what amount the purchase should be recorded on 1 March 2022

Problem 2: on 30 June 2022, will there be a foreign exchange gain or loss and how much

Problem 3: on 1 August 2022 how much cash was paid to settle the account payable

Reference no: EM132919160

Questions Cloud

What are the different attributes of auditor quality : What are the different attributes of auditor quality? Discuss with reference to auditor quality measures used in different articles you read in this class.
What decision should be made using NPV : An investment project has only the following cash flows: Year 0 = -2,000,000; Years 1 through 8 = 400,000 each. What decision should be made using NPV
Financially and help me accomplish my goals : Descriptive essay entitled "How this scholarship will assist me financially and help me accomplish my goals."
Find forces in the general and industry environments : Critically discuss the key factors and forces in the general and industry environments that affect the demand for crude oil and consequently on ARAMCO.
What amount the purchase should be recorded on march : On 30 June 2022, will there be a foreign exchange gain or loss and how much? What amount the purchase should be recorded on 1 March 2022
Compute equivalent annual cash flow : Compute equivalent annual cash flow (EAC) and compare that to another project with an annual EAC of $12 million that can alternatively be selected
Tool supports interactive learning community : Explain how each tool supports an interactive learning community. Detail the features that each tool offers.
Major segments of the foreign-exchange market : What are the two major segments of the foreign-exchange market? What types of foreign-exchange instruments are traded within these markets?
Learn about small business management : Explain what 5 things you would like to learn about small business management?

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