Refer to the table at right. The current account balance is Exports of goods Net unilateral transfers $1,000 - 15 O A. $170. Imports of services Official transactions - 590 B. - $45. 60 Capital coming into U.S. Imports of goods Exports of services U.S. capital going abroad 400 O C. $155. - 665 O D. $140. 410 - 600
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- 1-Assume that our subsidiary’s income statement in Euros (€) is reported as follows for the year: Income statement: In Euros (€) Sales 2,500,000 Cost of goods sold (1,600,000) Gross Profit 900,000 Operating expenses (540,000) Net income 360,000 Also assume the following exchange rates: $ / € BOY Rate $1.30 EOY rate $1.40 Avg. rate $1.35 Required: Translate the income statement into $US using the current-rate method.I. 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.Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total) $ 9,400 Other comprehensive income (subtotal) $ (600) Net income . 10,000 Change in foreign currency translation 1,400 Change in value of available-for-sale securities (2,000)
- 39-An MNC from the US has Accounts Receivable of US$ 360,000, Accounts Payable US$ 188,000. The total amount of US$ 140,000 is shown as borrowed money. The current spot rate is US$2.5000/OMR. Which one of the following is the net exposed assets in terms of OMR? O a. Net exposed assets in OMR 12,800 O b. Net exposed assets in OMR 144,000 O c. Net exposed assets in OMR 56,000 O d. None of the optionsCalculate the VAT on the following exclusive amount R25 500 Calculate the exclusive amount of the following VAT amount R3 500 Q2) An entity had the following transactions during May 2020 Purchases of merchandise R205 000 and equipment R125 000 Sales of Merchandise R425 000 If all amounts are INCLUSIVE of VAT, calculate the amount payable/receivable to/from the South Africa Revenue Services.ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Resident Foreign Corporation (RFC)?
- ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?Given the following balance sheet of a US based MNC’s fully operational subsidiary, who operates in Japan and whose functional currency is the Japanese Yen, determine the amount of the translation exposure in dollars if the Yen depreciates by 10% from ¥110/$ to ~¥122/$ by applying the current rate method. Balance Sheet of Subsidiary in ¥ Assets Liabilities + Equity Cash ¥145,000 Accounts Payable ¥246,000 A/R ¥104,000 Short Term Debt ¥128,000 Inventory ¥275,000 Long term debt ¥329,000 PPE ¥895,000 Common Stock ¥534,000 Retained Earnings ¥182,000 Total ¥1,419,000 ¥1,419,000
- MNC is a U.S. company with the following 1. Sales to Canada amounting to C$18 million. 2. Expenses of C$12 million for goods. 3. Interest expense on Canadian loans of C$2 million. Given these exact figures above, and no other C$ costs, all else being equal, the dollar value of MNC's earnings should: Group of answer choices increase with an appreciating C$ decrease with an appreciating C$ increase with a depreciating C$ remain unchangedThe following balance sheet accounts of a foreign subsidiary at December 31, 2017, have been translated into U.S. dollars as follows: Translated at Current Rates Historical Rates Accounts receivable, current $ 600,000 $ 600,000 Accounts receivable, long-term 300,000 324,000 Inventories carried at market 180,000 198,000 Goodwill 190,000 220,000 $1,270,000 $ 1,402,000 What total should be included in the translated balance sheet at December 31, 2017, for the above items? Assume the U.S. dollar is the functional currency. $1,354,000 $1,270,000 $1,288,000 $1,300,000Japan Air Lines (a resident international carrier) has the following data for the current year: . Gross receipts – Philippines P10,000,000Gross receipts – Japan 15,000,000Expenses – Philippines 4,000,000Expenses – Japan 8,000,000 Additional information: • 60% of its gross receipts from Philippine sources were derived from transport of passengers while 50% of its gross receipts from Japan were derived from its cargo operations.• 50% of it~ expenses (Philippines and Japan) are related to passenger operations. What is the applicable business tax of Japan Air Lines Group of answer choices 12% value added tax 3% percentage tax on gross receipts derived from sources within the Philippines. All of the above 3% common carrier's tax on gross receipts derived from the transport of cargo from Philippines to another country.