LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Question
Chapter 9, Problem 27P
To determine
Identify the value at which the accounts will be reported on 2017 financial statements.
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Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017:
March 1
Bought inventory costing 117,000 pesos on credit.
May 1
Sold 70 percent of the inventory for 97,000 pesos on credit.
August 1
Collected 78,500 pesos from customers.
September 1
Paid 68,500 pesos to suppliers.
Currency exchange rates for 1 peso for 2017 are as follows:
March 1
$
0.15
May 1
0.16
August 1
0.17
September 1
0.18
December 31
0.19
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, how much will Voltac report on its 2017 financial statements?
a. Inventory
b. Cost of Good Sold
c. Sales
d. A/ R
e. A/P
F. Cash
Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017:
March 1
Bought inventory costing 108,000 pesos on credit.
May 1
Sold 70 percent of the inventory for 88,000 pesos on credit.
August 1
Collected 74,000 pesos from customers.
September 1
Paid 64,000 pesos to suppliers.
Currency exchange rates for 1 peso for 2017 are as follows:
March 1 $0.17
May 1 0.18
August 1 0.19
September 1 0.20
December 31 0.21
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, how much will Voltac report on its 2017 financial statements?
a.inventory
b. cost of goods sold
c. sales
d. accounts receivable
e. accounts payable
f. cash
Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017:
March 1
Bought inventory costing 108,000 pesos on credit.
May 1
Sold 70 percent of the inventory for 88,000 pesos on credit.
August 1
Collected 74,000 pesos from customers.
September 1
Paid 64,000 pesos to suppliers.
Currency exchange rates for 1 peso for 2017 are as follows:
March 1
$
0.17
May 1
0.18
August 1
0.19
September 1
0.20
December 31
0.21
Assume that all receipts were converted into dollars as soon as they were received.
For each of the following accounts, how much will Voltac report on its 2017 financial statements?
a. inventory
b. cost of goods sold
c. sales
d. accounts receivable
e. accounts payable
f. cash
Chapter 9 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - What factors create a foreign exchange gain on a...Ch. 9 - In what way is the accounting for a foreign...Ch. 9 - Prob. 5QCh. 9 - How does a foreign currency option differ from a...Ch. 9 - Prob. 7QCh. 9 - Why would a company prefer a foreign currency...Ch. 9 - How do companies report foreign currency...Ch. 9 - How does a company determine the fair value of a...
Ch. 9 - What is hedge accounting?Ch. 9 - Prob. 12QCh. 9 - What are the differences in accounting for a...Ch. 9 - What are the differences in accounting for a...Ch. 9 - What are the differences in accounting for a...Ch. 9 - Prob. 16QCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Prob. 5PCh. 9 - Grace Co. had a Chinese yuan payable resulting...Ch. 9 - Prob. 7PCh. 9 - Prob. 8PCh. 9 - Prob. 9PCh. 9 - Prob. 10PCh. 9 - Prob. 11PCh. 9 - Prob. 12PCh. 9 - On March 1, Pimlico Corporation (a U.S.-based...Ch. 9 - Torres Corporation (a U.S.-based company) expects...Ch. 9 - Prob. 15PCh. 9 - What was the net impact on Jensen Companys 2018...Ch. 9 - What was the net increase or decrease in cash flow...Ch. 9 - What is the net impact on Micros net income for...Ch. 9 - What is the net impact on Micros net income for...Ch. 9 - What is Micros net increase or decrease in cash...Ch. 9 - What is the net impact on Dos Santos Companys 2017...Ch. 9 - Prob. 22PCh. 9 - Prob. 23PCh. 9 - Prob. 24PCh. 9 - Prob. 25PCh. 9 - Prob. 26PCh. 9 - Prob. 27PCh. 9 - Prob. 28PCh. 9 - Prob. 29PCh. 9 - Prob. 30PCh. 9 - Prob. 31PCh. 9 - Use the same facts as in Problem 31 except that...Ch. 9 - On June 1, Alexander Corporation sold goods to a...Ch. 9 - On June 1, Cairns Corporation purchased goods...Ch. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Based on past experience, Leickner Company expects...Ch. 9 - Prob. 42PCh. 9 - RESEARCH CASEINTERNATIONAL FLAVORS AND FRAGRANCES...Ch. 9 - Prob. 2DYSCh. 9 - Prob. 3DYSCh. 9 - ANALYSIS CASECASH FLOW HEDGE On February 1, 2017,...Ch. 9 - Prob. 5DYSCh. 9 - COMMUNICATION CASEFORWARD CONTRACTS AND OPTIONS...
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