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 Inventory Land Building Accumulated depreciation NGN 15,450 10,500 4,050 40,500 (20,250) NGN 50,250 Notes payable Common stock Retained earnings NGN 20,100 20,100 10,050 NGN 50,250 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:
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- 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 Inventory Land Building Accumulated depreciation 2011 2013 August 1, 2019 December 31, 2019 February 1, 2020 May 1, 2020 June 1, 2020 August 1, 2020 September 1, 2020 NGN 16,790 Notes payable Common stock Retained. 11,900 earnings 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: October 1, 2020 November 1, 2020 December 1, 2020 December 31, 2020 Average for 2020 4,190 41,900 (20,950) NGN 53,830 2020 Feb. 1 Paid 8,190,000 NGN on the note payable. May 1 Sold entire inventory for 17,900,000 NGN on account. June 1 Sold land for 6,190,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,190,000 NGN…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 Inventory Land Building Accumulated depreciation 2011 2013 NGN 16,750 11,500 2020 Feb. 1 Paid 8,150,000 NGN on the note payable. May 1 Sold entire inventory for 17,500,000 NGN on account. June 1 Sold land for 6,150,000 NGN cash. Aug. 1 Collected all accounts receivable. August 1, 2019 December 31, 2019 February 1, 2020 May 1, 2020 June 1, 2020 August 1, 2020 September 1, 2020 October 1, 2020 November 1, 2020 December 1, 2020 December 31, 2020 Average for 2020 4,150 41,500 (20,750) NGN 53,150 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: Sept. 1 Signed long-term note to receive 8,150,000 NGN cash. Oct. 1 Bought inventory for 20,150,000…
- 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 Inventory Land Building Accumulated depreciation 2011 2013 2020 Feb. 1 Paid 8,120,000 NGN on the note payable. May 1 Sold entire inventory for 17,200,000 NGN on account. June 1 Sold land for 6,120,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,120,000 NGN cash. Oct. 1 Bought inventory for 20,120,000 NGN cash. Nov. 1 Bought land for 3,120,000 NGN on account. Dec. 1 Declared and paid 3,120,000 NGN cash dividend to parent. Dec.31 Recorded depreciation for the entire year of 2,060,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: August 1, 2019 December 31, 2019 February 1, 2020 May 1, 2020 June 1, 2020 August 1, 2020 September 1, 2020 October 1, 2020 November 1, 2020 December 1, 2020 December 31,…Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash Inventory Land Building Accumulated depreciation 2011 2013 2020 Feb. 1 Paid 8,140,000 NGN on the note payable. May 1 Sold entire inventory for 17,400,000 NGN on account. June 1 Sold land for 6,140,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,140,000 NGN cash. Oct. 1 Bought inventory for 20,140,000 NGN cash. Nov. 1 Bought land for 3,140,000 NGN on account. Dec. 1 Declared and paid 3, 140,000 NGN cash dividend to parent. Dec.31 Recorded depreciation for the entire year of 2,070,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: August 1, 2019 December 31, 2019. February 1, 2020 May 1, 2020 June 1, 2020 August 1, 2020 September 1, 2020 October 1, 2020 November 1, 2020 December 1, 2020 December 31,…
- 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 Inventory Land Building Accumulated depreciation 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. 2011 2013 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: Sept. 1 signed long-term note to receive 8,00e,eee NGN cash. oct. 1 Bought inventory for 20,000,000 NGN cash. Nov. 1 Bought land for 3,000,000 NGN on account. Dec. 1 Declared and paid 3,000,000 NGN cash dividend to parent. Dec.31 Recorded depreciation for the entire year of 2,000,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as…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 16,000 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…
- 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.…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.…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…