Country U dollar translated figures for the years December 31,2019 and December 31,2020. Introduction: During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

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Translate the foreign currency financial statements below using the current rate (functional) method. Assume the company was incorporated, began business, and became subsidiary of an US firm on January 1, 2016, and the foreign currency was the functional currency. Date January 1, 2016 January 1, 2019 March 31, 2019 Rate 1 FC=$0.10 1 FC=$0.20 1 FC=$0.25 1 FC=$0.40 1 FC=$0.30 December 31, 2019 Weighted average for 2019 Financial Statements of Street Corporation for the year ended December 31, 2019 FC Rate Dollars Income Statement Net sales Costs and expenses Net income 10,000,000 8,000,000 2,000,000 Statement of Retained Earnings Beginning retained earnings 8,000,000 2,000,000 10,000,000 1,000,000 9,000,000 1,600,000 Net income Subtotal Dividends (declared March 31) Ending retained earnings Balance Sheet Assets Current assets Fixed assets (acquired 1/1/2016) Total assets 13,000,000 82,000,000 95,000,000 Liabilities and stockholders' equity Current liabilities |Long-term debt |Common…

On July 1, 2020, a Filipino entity whose functional currency is Philippine Peso purchased on account inventories at a cost of $100 to be paid on June 30, 2021. On October 1, 2020, the said inventories were soid on account by the Filipino entity at a selling price of $150 to be collected on September 30, 2021. The following direct foreign exchange rates are given: July 1,2020 October 1, 2020 December 31, 2020 Buying Spot P40 P42 P45 Selling Spot P50 P48 P52 56. What is the gross profit to be reported by the Filipino entity for the year ended December 31, 2020? a. 1,300 b. 2,100 c. 2,400 d. 3,200 57. what is the net foreign currency gain or loss for the year ended December 31, 2020? a. 150 net gain b. 250 net gain c. (350) net loss d. (50) net loss

Problem 1: On November 1, 2020, an entity acquired on account goods from foreign supplier at a cost of 1,000 USD. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account the said goods to a foreign customer at a selling price of 1,500 USD. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following direct exchange rates are provided: 12/1/20 12/21/20 1/30/21 11/1/20 2/28/21 Buy Sell 40 39 45 43 42 42 40 47 46 45 What is the sales revenue to be reported by the entity for the year ended December 31, 2020? b. What is the cost of sales to be reported by the entity for the year ended December 31, 2020? What is the book value of accounts receivable on December 31, 2020? d. What is the book value of accounts payable on December 31, 2020? What is the net foreign currency gain or loss for the year ended December 31, 2020? а. С. е.

Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

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Answer 3

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

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Answer 5

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

Answer 6

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

Answer 7

Chapter 19, Problem 19.2P

Summary Introduction

To determine: Country U dollar translated figures for the years December 31,2019 and December 31,2020.

Introduction:

During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

Answer 8

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Answer 10

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Answer 11

Ch. 19.1 - Prob. 19.1RQ Ch. 19.1 - Prob. 19.2RQ Ch. 19.1 - Prob. 19.3RQ Ch. 19.1 - Prob. 19.4RQ Ch. 19.2 - Under FASB No. 52, what are the translation rules...Ch. 19.3 - Prob. 19.6RQ Ch. 19.3 - Explain how differing inflation rates between two...Ch. 19.3 - Discuss macro and micro political risk. What is...Ch. 19.4 - Prob. 19.9RQ Ch. 19.4 - Prob. 19.10RQ

Country U dollar translated figures for the years December 31,2019 and December 31,2020. Introduction: During the purchase or sale of the transaction date there might be a loss or gain in the exchange when the exchange rates changes. The foreign currency will take loss or gain during this action.

Solution Summary: The author explains that the exchange rate is 1.20 per euro and euro is appreciated by dollar 6%.

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