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Case 2. Honda Phil. is a subsidiary of Honda Japan. The functional currency of Honda Phil. is peso while the presentation currency of its parent, Honda Japan is yen. For the year ended December 31, 2020, Honda Phil. has the following foreign currency denominated assets:
2. In the separate
3. what is the book value of accounts receivable and prepaid asset, respectively, in the Consolidated Statement of Financial Position of Honda Japan?
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- pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that has been in existence for several years, and whose functional currency is the US dollar. Compartiive account balances for January 1 and December 31, 2019, appear below, measured in Krona (kr), the swedish currency. Account balance 12/31/2019 1/1/2019 Cash kr 240,000 kr 175,000 Accounts receivable, net 360,000 400,000 Plant and Equipment, net 2,000,000 2,320,000 Account payable (200,000) (535,000) Notes payable (600,000) (800,000) Capital stock (400,000) (400,000) Retained Earnings, Jan 1 (1,160,000) (1,160,000) Sales (1,200,000) Depreciation Expense 320,000 Other Expense 640,000 Totals 0 0 $/kr Exchange Rates: January 1, 2019 0.13 Average for 2019 0.14 December 31, 2019 0.16 Translate Supervalu's 2019 ending trial balance into US dollars. Include a schedule calculating the 2019…Lancer, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in kuna (K), the local currency: Sales K 200,000 Inventory (bought on 3/1/20) 100,000 Equipment (bought on 1/1/19) 80,000 Rent expense 10,000 Dividends (declared on 10/1/20) 20,000 Notes receivable (to be collected in 2023) 30,000 Accumulated depreciation—equipment 24,000 Salary payable 5,000 Depreciation expense 8,000 The following U.S. $ per kuna exchange rates are applicable: January 1, 2019 $0.13 Average for 2019 0.14 January 1, 2020 0.18 March 1, 2020 0.19 October 1, 2020 0.21 December 31, 2020 0.22 Average for 2020 0.20 Lancer is preparing account balances to produce consolidated financial statements. Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S.…Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash NGN 16,240 Notes payable NGN 20,180 Inventory 10,900 Common stock 21,000 Land 4,090 Retained earnings 10,500 Building 40,900 Accumulated depreciation (20,450 ) NGN 51,680 NGN 51,680 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,090,000 NGN on the note payable. May 1 Sold entire inventory for 16,900,000 NGN on account. June 1 Sold land for 6,090,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,090,000 NGN cash. Oct. 1 Bought inventory for 20,090,000 NGN cash. Nov. 1…
- Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash NGN 15,120 Notes payable NGN 20,160 Inventory 10,800 Common stock 20,160 Land 4,080 Retained earnings 10,080 Building 40,800 Accumulated depreciation (20,400 ) NGN 50,400 NGN 50,400 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,080,000 NGN on the note payable. May 1 Sold entire inventory for 16,800,000 NGN on account. June 1 Sold land for 6,080,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,080,000 NGN cash. Oct. 1 Bought inventory for 20,080,000 NGN cash. Nov. 1…Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash NGN 16,800 Notes payable NGN 20,400 Inventory 12,000 Common stock 22,400 Land 4,200 Retained earnings 11,200 Building 42,000 Accumulated depreciation (21,000 ) NGN 54,000 NGN 54,000Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria, where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash NGN 16,000 Notes payable NGN 20,000 Inventory 10,000 Common stock 20,000 Land 4,000 Retained earnings 10,000 Building 40,000 Accumulated depreciation (20,000 ) NGN 50,000 NGN 50,000 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,000,000 NGN on the note payable. May 1 Sold entire inventory for 16,000,000 NGN on account. June 1 Sold land for 6,000,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,000,000 NGN cash. Oct. 1 Bought inventory for 20,000,000 NGN cash. Nov. 1…
- Lancer, Inc. (a U.S.-based company) establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in kanquo (KQ), the local currency: Sales KQ 250,000 Inventory (bought on 3/1/17) 150,000 Equipment (bought on 1/1/16) 70,000 Rent expense 16,000 Dividends (declared on 10/1/17) 24,000 Notes receivable (to be collected in 2020) 41,000 Accumulated depreciation—equipment 21,000 Salary payable 6,000 Depreciation expense 7,000 The following U.S.$ per KQ exchange rates are applicable: January 1, 2016 $0.24 Average for 2016 0.25 January 1, 2017 0.29 March 1, 2017 0.30 October 1, 2017 0.32 December 31, 2017 0.33 Average for 2017 0.31 Lancer is preparing account balances to produce consolidated financial statements. Assuming that the kanquo is the functional currency, what exchange rate would be used to report each of these…Owen Co. Owns a subsidiary in a foreign country whose trial balance in foreign currency unit (FCU) for the last two years follow: December 31,2018 December 31,2019 (in FCU) (in FCU) DEBITS Cash 100,000 80,000 Receivables 450,000 550,000 Inventory 680,000 720,000 Property and equipment (net) 1,000,000 900,000 Cost of goods sold 300,000 270,000 Operating Expenses 25,000 50,000 Miscellaneous Expenses 5,000 25,000 Dividends - 5,000 TOTAL 2,560,000 2,600,000 CREDITS Short-term debts 260,000 340,000 Long-term debts 1,250,000 1,100,000 Common stock 500,000 500,000 Retained earnings, 1/1 - 220,000 Sales 500,000 400,000 Interest income 50,000 40,000 TOTAL 2,560,000 2,600,000 Owen formed the subsidiary on January 1, 2018 when the exchange rated was P30 for 1FCU.…Owen Co. Owns a subsidiary in a foreign country whose trial balance in foreign currency unit (FCU) for the last two years follow: December 31,2018 December 31,2019 (in FCU) (in FCU) DEBITS Cash 100,000 80,000 Receivables 450,000 550,000 Inventory 680,000 720,000 Property and equipment (net) 1,000,000 900,000 Cost of goods sold 300,000 270,000 Operating Expenses 25,000 50,000 Miscellaneous Expenses 5,000 25,000 Dividends - 5,000 TOTAL 2,560,000 2,600,000 CREDITS Short-term debts 260,000 340,000 Long-term debts 1,250,000 1,100,000 Common stock 500,000 500,000 Retained earnings, 1/1 - 220,000 Sales 500,000 400,000 Interest income 50,000 40,000 TOTAL 2,560,000 2,600,000 Owen formed the subsidiary on January 1, 2018 when the exchange rated was P30 for 1FCU. The exchange rate for 1FCU on December 31, 2018 had increased to P35 and to P40 on December 31, 2019. Average rate during 2019 is P36. Income is earned evenly over the year.…
- Certain balance sheet accounts of a foreign subsidiary of Paul Inc. at December 31, year 1, have been translated in US dollars as follows: Translated at Current Rates Historical Rates Note recievable, long term P 240,000 P 200,000 Prepaid rent 85,000 80,000 Patent 150,000 170,000 P 475,000 P 450,000 The subsidiary's functional currency is…(a) ABC Co has a year end of 31 December 20X1 and uses the dollar ($) as its functional currency. On 25 October 20X1 ABC Co buys goods from a Swedish supplier for Swedish Krona (SWK) 286,000. Rates of exchange: 25 October 20X1 $1 = SWK 11.16 16 November 20X1 $1 = SWK 10.87 31 December 20X1 $1 = SWK 11.02 Required: Show the accounting treatment for the above transactions if: (a) A payment of SWK286,000 is made on 16 November 20X1. (b) The amount owed remains outstanding at the year-end date.Kingsfield establishes a subsidiary operation in a foreign country on January 1, 2020. The country’s currency is the rial (R). To start this business, Kingsfield invests 10,000 rials. Of this amount, it spends 3,000 rials immediately to acquire equipment. Later, on April 1, 2020, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. Kingsfield uses the U.S. dollar as its reporting currency. The U.S. dollar ($) exchange rates for the rial for 2020 follow: January 1 $ 1.71 April 1 1.59 June 1 1.66 Weighted average 1.64 December 31 1.62 As of December 31, 2020, the subsidiary reports the following trial balance: Debits Credits Cash R 8,000 Accounts receivable 9,000 Equipment 3,000 Accumulated depreciation R 600 Land 5,000 Accounts payable 3,000 Notes payable (due 2028) 5,000 Common stock 10,000 Dividends declared…
