PT A has foreign currency balances as of December 31, 2015 as follows: Account name Foreign currency Balance as of December 31, 2015 Bank USD 100 Rp 1.100.000 Account Receivable USD 200 Rp 2.200.000 Account Payable USD 300 Rp 3.300.000 Capital Stock USD 400 Rp 4.400.000 (according to the deed) Required Compute and make adjusting entries on arising if the BI middle rate on December 31, 2015 was 1 USD is Rp 12,000!
Q: The following information relates to a business for the year ended 31 December 2019: Trade…
A: Receivable ledger control account means an account where all entries related with credit sales and…
Q: On July 1, 2017, Mifflin Company borrowed 200,000 euros from a foreign lender evidenced by an…
A: Foreign exchange gain or loss on note: Net change = Borrowed amount - year end amount. Borrowed…
Q: Seed Enterprise gathered the following information from its accounting records for the year ended…
A: The net account receivables is calculated as gross account receivables minus allowance for…
Q: The following balances were reported by CANBERRA Company at December 31, 2021 Receivable from Alice…
A: Receivable from Related parties = 500,000
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Profit Margin establishes the relationship between net income and net sales. It shows the percentage…
Q: X Corp. reported the following data for 2017. Total net sales – P4,000,000; Goods purchased –…
A: X Corp.'s for 2017 : 1. Net sales = P4000000 Goods purchased = P2400000 Beginning inventory =…
Q: As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts…
A: On 31st Jan 2018 , Accounts receivables ( USD 5000 ) = IDR 70000000 On 28th Feb 2018 , 1 USD = IDR…
Q: ABC Company finances some of its current operations by factoring its accounts receivable to a…
A: Factoring is a process where the accounts receivable are sold by the entity to the finance company…
Q: On 20 December 2021, Africa Traders did an electronic funds transfer payment of R300 000 for the…
A: When the payment for the salary is done, the following journal entry is passed. As the salaries is…
Q: Waleed Company had the following transactions involving notes payable. Aug. 1, 2020 Borrows…
A: Journal Entries along with the calculation if shown below:
Q: collateral on a P3,000,000, 12% note from a certain bank. The entity will continue to collect the…
A: 1- 3000000 less 5% of Bank charge = 2850000 2- 1,460,000 3- 2,000,000
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Cash Sr. No. Debit ($) Sr. No. Credit ($) Opening 59000 Jan-01 19800 Jan-15 22300 Jan-04…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: 1. Multi-Step Income Statement - Multi step income statement is the summary of revenue earned and…
Q: As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts…
A: A foreign currency transaction should be recorded initially at the rate of exchange at the date of…
Q: The total of the purchase journal has been posted to the creditors control account as Rs.…
A: Answer : In creditors Control Account adjustment (6,30,000(Purchase) Less 20,000 ( Cash sales) add…
Q: (The following information applies to the questions displayed below.) On January 1, 2021, the…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Below is the extract trial balance of Singly Enterprise. Singly Enterprise Extract Trial Balance as…
A: The financial statements of the business include the income statement and balance sheet. The income…
Q: On 18 January 2021, SA Traders, a debtor of Africa Traders, did an electronic funds payment of R20…
A: The Question is a multiple choice question asking for correct Journal Entry in a given scenario. The…
Q: Required: i. Prepare the following accounts for years 2016, 2017 and 2018, showing the transfer to…
A: Allowance for Doubtful Debt Allowance of Doubtful debt which are used to adjust the debtors balance…
Q: compute the total income subject to income tax
A: 1. Net sales = P4000000 Goods purchased = P2400000 Beginning inventory = P400000 Ending inventory =…
Q: As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts…
A: Foreign currency monetary items are translated using the closing rate (i.e. the spot exchange rate…
Q: LOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with…
A: Loss on the transfer of accounts receivables =accounts receivables assigned x finance charge %
Q: culars Debit ? Credit as on Ist April, 2016 5,00,000 hases and Returns 31,00,000 45
A: Trading and Profit and Loss Account of Mr. Neel for the year ending 31st March, 2017…
Q: Accounting for foreign currency - denominated receivables and payables - multiple years The…
A:
Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…
A: On hand TL = On hand $ x exchange rate = $30,000 x 1.25/$1 = 37,500TL Forex loss = Account balance -…
Q: What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position…
A: Trade Receivable at the end of year 31st December 2017 Particulars Amount Due from Regular…
Q: VKS Co. assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a…
A: Loss on the transfer of accounts receivables = Amount received from the bank x finance charge %
Q: .Ping Company finances some of its current operations by factoring its accounts receivable to a…
A: The question is based on the concept of Financial Accounting.
Q: JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:…
A: The end result of any working of financial information is the preparation of financial statements.…
Q: The following information relates to a business for the year ended 31 December 2019: 24 Trade…
A: Calculation of Balance on the Trade receivables control account on 31 December 2019: Trade…
Q: A credit card account has an unpaid balance of P 8,210 as of April 5, 2017. Purchases amounting to P…
A: Note : As per the guidelines, only first question will be answered. Kindly post the remaining parts…
Q: Adjusting Entry at Balance Sheet Date Yum! Brands, Inc. has the following receivables and payables…
A: Decrease in accounts receivable = Exchange Loss Increase in accounts payable = Exchange Loss
Q: E9-5B: (Statement of Financial Position - Current vs Non-current Classification) KIWI Corporation is…
A: Assets and liabilities are being classified based on their holding period and purpose of holding.…
Q: JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:…
A: In this question, we will show necessary adjustment for the year. a. Statement of comprehensive…
Q: Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three…
A: a)
Q: Agogo Trading has the following account balances as at 30 June 2019. RM Account Receivable 200,000…
A: Provision for doubtful debts account is maintained so as to write off the bad debts that occurs in…
Q: Following are the information on some transactions of Saint-Germain Ltd. in Paris, France, in 2019…
A: A journal entry refers to recording of either economic or non-economic transactions of an entity.
Q: Use the following information for A-C On February 1, 2021, Blue Hour Company factored receivables…
A: Accounts receivable represents the amount earned by the company but the amount has not been…
Q: As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts…
A: Cash (USD 100)= IDR 1400,000 Exchange rate on 28 th feb 2018 = 1 USD= 14500IDR
Q: HP Entity's current reporting date is 31 December 2014. On 1 December 2014 the following balances,…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Trail Balance - It is bookkeeping worksheet in which all ledger balance are complied into credit and…
Q: [The following information applies to the questions displayed below.] On January 1, 2021, the…
A: solution 1. Date General journal Debit credit January 31 Depreciation expense…
Q: Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three…
A: a.
Q: A credit card account has an unpaid balance of P 8,210 as of April 5, 2017. Purchases amounting to P…
A: Data given:: Period Purchase/ Payment (P) Unpaid Balance (P) April 5, 2017…
Q: Calculate the Trade payables turnover ratio from the following figures: Credit purchases during…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: Let us assume that XYZ Ltd undertook the following transactions in March 2016. |Transactions 1…
A: Cash Book is a Summary of Total Cash receipts and payments for a particular period of accounting.
PT A has foreign currency balances as of December 31, 2015 as follows:
Account name | Foreign currency | Balance as of December 31, 2015 |
Bank | USD 100 | Rp 1.100.000 |
Account Receivable | USD 200 | Rp 2.200.000 |
Account Payable | USD 300 | Rp 3.300.000 |
Capital Stock | USD 400 | Rp 4.400.000 (according to the deed) |
Required
Compute and make
Step by step
Solved in 2 steps with 1 images
- Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$100 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:1 April 2023 US$1.00 = A$1.3030 June 2023 US$1.00 = A$1.501 August 2023 US$1.00 = A$1.40What is the journal entry to record the sale transaction on 1 April 2023? a. DR Accounts Receivable $130 000CR Sales $130 000 b. DR Accounts Receivable $130 000DR Foreign Exchange Loss $20 000CR Sales $150 000 c. DR Accounts Receivable $150 000CR Foreign Exchange Gain $20 000CR Sales $130 000 d. DR Inventory $130 000CR Accounts Payable $130 000What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as of December 31, 2017? A. 699,000 B. 822,000 C. 849,000 D. 894,500Hello, please help with letter a. Thank you 1) ABC Corp has Accounts Receivable of FC 400,000 and Accounts Payable FC 300,000 on both March 31 and April 30, 2010. The applicable exchange rates at that date were as follows: March 30 April 30 Spot rate 1FC = .35 US 1FC = .37 US Forward rate(1 month). 1FC= .36 US. 1FC= .39 US a) What is the FX transaction gain or loss on Accounts REeceivable on April 30, 2010? b) What is the FX transaction gain or loss on Accounts Payable on April 30, 2010? c) If on March 31, ABC wishes to hedge its exposure to changing exchange rates what is the appropriate action it will take. Answer by saying whether ABC will enter a spot contract or forward contract and say whether the contract will involve purchasing FC and selling US dollars, or purchasing US dollards and selling FC and specify the appropriate exchange…
- Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$80 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:1 April 2023 US$1.00 = A$1.3030 June 2023 US$1.00 = A$1.551 August 2023 US$1.00 = A$1.45What is the journal entry at the date of cash receipt on 1 August 2023? a. DR. Cash $124 000CR. Foreign Exchange Gain $8 000CR. Accounts Receivable $116 000 b. DR. Cash $55 172CR. Foreign Exchange Gain $3 559CR. Accounts Receivable $51 612 c. DR. Cash $116 000DR. Foreign Exchange Loss $8 000CR. Accounts Receivable $124 000 d. DR. Cash $116 000CR. Foreign Exchange Gain $20 000CR. Accounts Receivable $104 000The following accounts are denominated in rubles as of December 31, 2020. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. Then, again for each account, indicate the exchange rate that would be used to remeasure the ruble balance to U.S. dollars using the temporal method. The company was started in 2015. The buildings were acquired in 2016 and the patents in 2018. Exchange rates for 1 ruble are as follows: 2015 1 ruble = $ 0.28 2016 1 = 0.26 2018 1 = 0.25 January 1, 2020 1 = 0.24 April 1, 2020 1 = 0.23 July 1, 2020 1 = 0.22 October 1, 2020 1 = 0.20 December 31, 2020 1 = 0.16 Average for 2020 1 = 0.19Adjusting Entry at Balance Sheet Date Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given. Item Current $ balance FC balance December 31 spot rate 1. Receivable $65,000 1,000,000 Mexican pesos $0.06 2. Receivable 165,000 225,000 Canadian dollars 0.75 3. Payable 556,000 400,000 Jordan dinar 1.41 4. Payable 56,000 200,000 Saudi Arabian riyal 0.27 Required Prepare the adjusting entry recorded by Yum! Brands at December 31. Description Debit Credit AnswerAccounts receivableCashExchange gainExchange loss? AnswerAccounts receivableCashExchange gainExchange loss? Accounts payable
- The following accounts are denominated in rubles as of December 31, 2017. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that would be used to translate the ruble balance into U.S. dollars under the current rate method. Then, again for each account, indicate the exchange rate that would be used to remeasure the ruble balance to U.S. dollars using the temporal method. The company was started in 2012. The buildings were acquired in 2013 and the patents in 2015.Exchange rates for 1 ruble are as follows:On 1 December 2019, Company EX, with a functional currency and presentation currency in HKD, sold and deliver an inventory to a customer in Paris at EUR10,000. EX has received the money only in 2020. Exchange rate of EUR/HKD was 8.79 and 8.96 respectively on 1 December 2019 and 31 December 2019. Required: Prepare the journal entries for EX in HKD for the year ended 31 December 2019I. A. Prepare all entries on the Phil. firm’s books to record the above transactions B. Determine the following: Foreign exchange gain or loss on:i. December 1, 20x4ii. December 31, 20x4iii. March 1, 20x5 On December 31, 20x4:i. Accounts payableii. Inventory Part 2 REQUIRED: Translate (translation working paper) the financial statements of GoldCorporation into the presentation currency which is Philippine peso.
- As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts only): Cash (USD 100) = IDR 14,000 Accounts Receivable (USD 5,000) = IDR 70,000,000 Accounts Payable (USD 2,000) = IDR 28,000,000 Paid-in Capital (IDR 1,000,000) = IDR 13,999,000,000 (according to the deed). If on 28 Feb 2018 the exchange rate of 1 USD = 14,500, -, and the USD balance of each of these accounts has not changed, make a journal for each of these accounts on 28 Feb 2018 Question: Accounts Receivable Revaluation Journal is.............a. Dr. Accounts Receivable 72,500,000 Cr. Loss on Foreign Exchange 2,500,000 Cr. Accounts Receivable 70,000,000b. Dr. Loss on Foreign Exchange 2,500,000 Cr. Accounts Receivable 2,500,000c. Dr. Foreign Exchange Gain 2,500,000 Cr. Accounts Receivable 2,500,000d. Dr. Accounts Receivable 2,500,000 Cr. Foreign Exchange Gain 2,500,000As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts only): Cash (USD 100) = IDR 14,000 Accounts Receivable (USD 5,000) = IDR 70,000,000 Accounts Payable (USD 2,000) = IDR 28,000,000 Paid-in Capital (IDR 1,000,000) = IDR 13,999,000,000 (according to the deed). If on 28 Feb 2018 the exchange rate of 1 USD = 14,500, -, and the USD balance of each of these accounts has not changed, make a journal for each of these accounts on 28 Feb 2018 Question: The Cash Revaluation Journal is.......a. Dr. Cash 50,000 Cr. Difference in Exchange 50,000b. Dr. Cash 1,450,000 Cr. Loss on Foreign Exchange 50,000 Cr. Cash 1,400,000c. Dr. Loss on Foreign Exchange 50,000 Cr. Cash 50,000d. Dr. Cash 1,400,000 Dr. Difference in Exchange 50,000 Cr. Cash 1,450,000Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory notes to our order due on 28.02.2023 to which interest of €500 is added (the company separates on 30.09.2022 the interest into: accrued and unearned accrued interest on notes receivable). which are the journal entries?