Reference no: EM13509203

Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2004:

March 1 Bought inventory costing 50,000 pesos on credit.
May 1 Sold 60 percent of the inventory for 45,000 pesos on credit
August 1 Collected 40,000 pesos from customers.
September 1 Paid 30,000 pesos to creditors. 
Currency exchange rates for 1 peso for 2004 are as follows:
March 1 ................$0.17
May 1 .....................0.18
August 1 ..................0.19
September 1 .............0.20
December 31 ............0.21

For each of the following accounts, what will Acme report on its 2004 financial statements?

a. Inventory

b. Cost of Goods Sold: March 1

c. Sales: May 1

d. Accounts Receivable

e. Accounts Payable

f. Cash