On August 7, 20Y1, Boise Co., a U.S. company, purchased merchandise from Red Deer Inc., located in
Question:
On August 7, 20Y1, Boise Co., a U.S. company, purchased merchandise from Red Deer Inc., located in Edmonton, Canada, for $67,500 Canadian dollars (CAD). Red Deer Inc. requires payment in CAD at the time of purchase. On August 7, 20Y1, the exchange rate was $0.74 USD per CAD. Journalize the entry by Boise Co. to record the purchase.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
1 a May 31 2020 Assets 31342 million Liabilities 23287 million Stockholders Equity 8055 million May ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
On August 1, Gilmore Company purchased merchandise from Hendren with an invoice price of $ 60,000 and credit terms of 2/10, n/30. Gilmore Company paid Hendren on August 11. Prepare any required...
-
A food manufacturer claims that at the time of purchase by a consumer the average age of its product is no more than 120 days. In an experiment to test this claim a random sample of 36 items are...
-
On September 1, 2014, Bylin Company purchased merchandise from Himeji Company of Japan for 20,000,000 yen payable on October 1, 2014. The spot rate for yen was $0.0079 on September 1, and the spot...
-
from the given option three are similar to each other becausethey follow the same patter identify the option that is dissimilarto the other three A. BCED B. EFhG c. KLNM D. RSVT
-
List six unique properties of water. Describe, briefly, how each of these properties makes water essential to life as we know it.
-
Use the financial statements for Pocca Company from Problem 9-22 to calculate the following ratios for 2006 and 2005. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable...
-
Which of the following is not likely to be covered within an audit charter prepared for an organization's information systems audit function? a. Information systems audit function's place within the...
-
Refer to the Auditing in Practice feature "The Importance of Professional Skepticism in Testing the Valuation of Inventory: The PCAOB Disciplines Ibarra." Go to the PCAOB Web site and download...
-
For a contract that contains multiple performance obligations, revenue is allocated to each performance obligation by
-
When cars C and D stop on a two-lane bridge, the forces exerted by their tires on the bridge are as shown. Determine the total reactions at A and B when (a) ) A = 2.9 m, (b) A = 8.1 m. 12 m 73 KN 7.9...
-
Mays Inc. purchased merchandise from Takaoka Industries located in Osaki, Japan, for 21,800,000 Japanese yen (JPY). Takaoka Industries requires payment in JPY at the time of sale. Assuming an...
-
On November 15, 20Y4, Butler Wholesale, a U.S. company, purchased merchandise from Shetland Wool, located in Wellington, New Zealand, for $331,100 New Zealand dollars (NZD). Shetland Wool requires...
-
In Exercises 1 through 30, find the indicated integral. Check your answers by differentiation. Je -0.02-0.13t (e + 4) dt
-
Revenue Sales 269,500 Total operating revenue 269,500 Cost of goods sold Direct labor 63,800 Direct raw materials 126,500 Total cost of goods sold 190,300 Gross profit 79,200 Operating expenses...
-
2018. Lazy Company made the following material purchases and issues during January, Inventory: Jan. 1....500 units @ P12.00 Receipts: Jan. 5....200 units @P12.50 10...400 units @P13.00 25...500 units...
-
Explain how a gap analysis can be fix the Columbia space shuttle disaster. From that gap analysis, focus on what could be improved in the culture and, in particular, the safety culture. Explain...
-
Paine Ltd makes and sells a single product. Annual sales in units for 2017 are expected to be 200,000, and standard cost and selling price per unit is: Selling price 35 Variable costs: Materials 8...
-
A rocket moves straight upward, starting from rest with an acceleration of +29.4 m/s 2. It runs out of fuel at the end of 4.00s and continues to coast upward, reaching a maximum height before falling...
-
Restwell plc, a hotel and leisure company, is planning to take over a smaller private limited company, Staygood Ltd, and needs to place a value on the company. Restwell has gathered the following...
-
What is the maximum volume of 0.25 M sodium hypochlorite solution (NaOCl, laundry bleach) that can be prepared by dilution of 1.00 L of 0.80 M NaOCl?
-
Prepare a journal entry on August 13 for cash received for services rendered, $9,000.
-
Prepare a journal entry on August 13 for cash received for services rendered, $9,000.
-
Prepare a journal entry on January 25 for the payment of dividends of $16,000.
-
Marsh Company purchased a building and land with a fair value of $550,000 (building, $375,000 and land, $175,000) on January 1, 2025. Marsh Company signed a 20-year, 6% mortgage payable. Marsh...
-
Price earnings ratios for individual companies vary over time and among firms. Discuss some of the possible reasons for this variability.
-
-12 EFFECTIVE RATE OF INTEREST Find the interest rates earned on each of the following: a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and the borrower...
Study smarter with the SolutionInn App