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1) What is the concept of current rate method of translation and temporal method of translation? How does balance sheet exposure differ under these two methods?
2) The 2010 financial statement of Child Co. Inc (Mexico), a subsidiary of Parent Co. Inc (United States), reveals the following information:
Beginning Inventory
Peso 100,000
Purchases
Peso 500,000
Ending Inventory
Peso 150,000
COGS
Peso 450,000
US dollar exchange rate for 1 Peso:
January 1, 2010
$0.45
Average, 2010
$0.42
December 31, 2010
$0.38
The beginning inventory was acquired when the exchange rate was $0.50 last quarter of 2009; ending inventory was acquired when the exchange rate was $0.40 last quarter of 2010.
Report amounts of ending inventory and cost of goods sold to be included in the consolidated financial statements under (1) Current rate method and (2) Temporal method.
Prepare a production cost worksheet using weighted-average costing for the finishing department.
Gannon Company is considering purchasing a machine. The machine will produce the following cash flows: Year 1 $60,000 Year 2 $90,000 Gannon requires a minimum rate of return of 10%. What is the maximum price Gannon should pay for this machine?
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Supposing the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,20x5), the fund balance of capital projects fund employed to account for this project would be?
Which notion recognizes that mere appreciation in value does not necessarily mean that the owner has the resources to pay the tax associated with the appreciation..
Ralite Company had net income for the year of $20 Million. It had 2 Million sharees of comon stock outstanding, with a year-end market price of $82 a share. Dividends during the year were $5.74 a share.
What gain and net reduction in retained earnings would result from this property dividend?
A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return, the opportunity cost of the purchase of the land is:
If you purchased $6000 of inventory for cash; later in the same year one-half of the inventory was sold for $4000 on account. What would the amount of net income and net cash flow from operating activities.
For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is
Plimpton Company produces counter top ovens. Plimpton uses a standard costing system. The standard costing system relies on direct labor hours to assign overhead costs to production.
Charley Company's Assembly Department has materials cost at $3 per unit and conversion cost at $6 per unit. There are 9,000 units in ending work in process, all of which are 70% complete as to conversion costs. How much are total costs to be assig..
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