Exam: United States Dollar and Forward Contract

1374 WordsSep 14, 20106 Pages
Name: _________________________________________ Instructions: The exam is composed of ten problems. Make sure you have all pages in your exam. Including this cover page, you should have ten pages. Each problem has its own set of instructions. You may use abbreviations for labels to save time. Unclear responses will receive 0 points. Partial credit will be awarded. If you need additional space for your answer, use the back of the page. Problem 1 5 Points Mint Corporation has several transactions with foreign entities. Each transaction is denominated in the local currency unit of the country in which the foreign entity is located. On November 2, 2009, Mint sold confectionary items to a foreign company at a price…show more content…
During 2008, 2009, and 2010, Jones Bag reported net income of $8,000, $12,000, $20,000, and dividends of $15,000, $10,000, and $10,000 respectively. A. Calculate the amount of income Phillips would report on its 2008 and 2009 financial statements related to its investment in Jones, assuming it accounts for its investment using the Cost Method. Be sure to clearly indicate your answer for each year. (4

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