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January 1, 20X1, Popular Corporation organized Company as a st of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 November 1 December 31 2001 average 6. The Swiret Debit SFr 8,400 21,500 6,300 28,500 105,000 SFr 1$ 0.73 SFr 1- $ 0.74 SFr 1-$8.77 SFr 1-50.80 SFr 1-$8.75 71,500 10,200 35,000 17,800 SFr 304,200 Credit SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5.040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: with an iniludi inve

January 1, 20X1, Popular Corporation organized Company as a st of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 November 1 December 31 2001 average 6. The Swiret Debit SFr 8,400 21,500 6,300 28,500 105,000 SFr 1$ 0.73 SFr 1- $ 0.74 SFr 1-$8.77 SFr 1-50.80 SFr 1-$8.75 71,500 10,200 35,000 17,800 SFr 304,200 Credit SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5.040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: with an iniludi inve

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
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Problem 6MC: Which type of adjustment occurs when cash is either collected or paid, but the related income or...
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Note: If no adjustment is needed, select 'No entry necessary'. Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars
Transcribed Image Text:Note: If no adjustment is needed, select 'No entry necessary'. Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 SFr 150.73 SFr 1$0.74 SFr 1$0.77 SFr 1-5 0.80 SFr 18.75 Debit SFr 8,400 21,500 6,300 28,500 105,000 November 1 December 31 20x1 average 6. The Swiss franc is the functional currency. 71,500 10, 200 35,000 17,800 SFr 304,200 Credit Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200
Transcribed Image Text:On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 64.000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total January 1 March 1 SFr 150.73 SFr 1$0.74 SFr 1$0.77 SFr 1-5 0.80 SFr 18.75 Debit SFr 8,400 21,500 6,300 28,500 105,000 November 1 December 31 20x1 average 6. The Swiss franc is the functional currency. 71,500 10, 200 35,000 17,800 SFr 304,200 Credit Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,040 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: SFr 10,200 12,200 52,500 64,000 165,300 SFr 304,200
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