- -- 1 39 4 x fx 420000 00 B C D E Exchange Rate U.S. $ E (800,000) 420,000 74,000 59,000 (30,000) 1 HW for extra credits (Up to 3 pts.) 2 Due: 11:30 PM, December 1 (W), 2021 3 Student Name: 4 Problem 10-36 (P.486: Hoyle et al p.530) 5 Step One - Translation Worksheet 6 7 8 Sales 9 Cost of goods sold 10 Salary expense 11 Rent expense (adjusted) 12 Other expenses 13 Gain on sale of fixed asset, 10/1/20 14 Net Income 15 16 Retained earnings, 1/1/20 17 Net income 18 Dividends pald 19 Retained earnings, 12/31/20 20 21 Cash and receivables 22 Inventory 23 Prepaid expense (adjusted) 24 Fixed assets (net) 25 Total assets 26 27 Accounts payable 28 Notes payable 29 Common stock 30 Additional paid-in capital 31 Retained earnings, 12/31/20 32 Subtotal 33 Cumulative translation adjustment 34 Total 35 Sheet Sheet3 Ready (133,000) Fm. Sch. One Above 50,000 146,000 297,000 455,000 (54,000) (140,000) (240,000) (150,000) Above Fm Sch TWO + Paste BIU v FH a. Av = = Merge B9 XV fx 420000 A B D E U.S. S E 36 37 38 Schedule One-Translation of 1/1/20 Retained Earnings 39 40 Exchange 41 LE Rate 42 Retained earnings, 1/1/19 43 Net income, 2019 44 Dividends, 6/1/19 45 Retained earnings, 12/31/19 46 47 48 Schedule Two-Cumulative Translation Adjustment at 12/31/20 49 50 Exchange 51 Rate 52 Net assets, 1/1/19 53 Net income, 2019 54 Dividends, 6/1/19 55 Net assets, 12/31/19 56 57 Net assets. 12/31/19 at 58 current exchange rate 59 Translation adjustment, 2019 60 (negative) 61 Net assets, 1/1/20 62 Net income, 2020 Above 63 Dividends, 6/1/20 64 Not assets, 12/31/20 65 66 Net assets, 12/31/20 at 67 current exchange rate 68 Translation adjustment, 2020 69 Cumulative translation adjustment, 12/31/20 (negative) U.S. $ Sheett Sheet2 Sheets + Ready ID Paste v a. Av = = = Merge & Center BIU v fx 420000 B9 B C D E F G H Consolidated Balances 73 74 75 CAYCE CORPORATION AND SIMBEL COMPANY 76 Consolidation Worksheet 77 For Year Ending December 31, 2020 78 79 Cayce Simbel Adustments and Eliminations 80 Accounts Dollars Dollars Debit Credit 81 Sales (200,000) 82 Cost of goods sold 93,800 83 Salary expense 19,000 84 Rent expense 7,000 85 Other expenses 21,000 86 Dividend Income (13,750) B7 Gain, 10/1/20 88 Net Income 172.950) 89 90 Retained eamings, 1/1/20 318,000) 91 Net income 072,9501 52 Dividends pald 24 000 93 Retained earings, 12/31/20 (366,950) 94 05 Cash and receivables 110,750 96 Inventory 98,000 97 Prepaid expense 30,000 98 Investment 125,000 99 Fixed assets 395.000 100 Total 767 250 101 102 Accounts payable 100.000) 103 Notes payable (132 000) 104 Common stock (120.000 106 Additional paidan capital (83.000 100 Retained saming, 123100 (366,0501 107 Subtotal 108 Cumulative translation at 100 Tota labis and equity 022750 110 111 112 r200 way to 113 - Tuis and revealed headset) 114 cod postcode wys hoe 110 117 11 Sheet1 Shot Sheta + Ready MacBor - -- 1 39 4 x fx 420000 00 B C D E Exchange Rate U.S. $ E (800,000) 420,000 74,000 59,000 (30,000) 1 HW for extra credits (Up to 3 pts.) 2 Due: 11:30 PM, December 1 (W), 2021 3 Student Name: 4 Problem 10-36 (P.486: Hoyle et al p.530) 5 Step One - Translation Worksheet 6 7 8 Sales 9 Cost of goods sold 10 Salary expense 11 Rent expense (adjusted) 12 Other expenses 13 Gain on sale of fixed asset, 10/1/20 14 Net Income 15 16 Retained earnings, 1/1/20 17 Net income 18 Dividends pald 19 Retained earnings, 12/31/20 20 21 Cash and receivables 22 Inventory 23 Prepaid expense (adjusted) 24 Fixed assets (net) 25 Total assets 26 27 Accounts payable 28 Notes payable 29 Common stock 30 Additional paid-in capital 31 Retained earnings, 12/31/20 32 Subtotal 33 Cumulative translation adjustment 34 Total 35 Sheet Sheet3 Ready (133,000) Fm. Sch. One Above 50,000 146,000 297,000 455,000 (54,000) (140,000) (240,000) (150,000) Above Fm Sch TWO + Paste BIU v FH a. Av = = Merge B9 XV fx 420000 A B D E U.S. S E 36 37 38 Schedule One-Translation of 1/1/20 Retained Earnings 39 40 Exchange 41 LE Rate 42 Retained earnings, 1/1/19 43 Net income, 2019 44 Dividends, 6/1/19 45 Retained earnings, 12/31/19 46 47 48 Schedule Two-Cumulative Translation Adjustment at 12/31/20 49 50 Exchange 51 Rate 52 Net assets, 1/1/19 53 Net income, 2019 54 Dividends, 6/1/19 55 Net assets, 12/31/19 56 57 Net assets. 12/31/19 at 58 current exchange rate 59 Translation adjustment, 2019 60 (negative) 61 Net assets, 1/1/20 62 Net income, 2020 Above 63 Dividends, 6/1/20 64 Not assets, 12/31/20 65 66 Net assets, 12/31/20 at 67 current exchange rate 68 Translation adjustment, 2020 69 Cumulative translation adjustment, 12/31/20 (negative) U.S. $ Sheett Sheet2 Sheets + Ready ID Paste v a. Av = = = Merge & Center BIU v fx 420000 B9 B C D E F G H Consolidated Balances 73 74 75 CAYCE CORPORATION AND SIMBEL COMPANY 76 Consolidation Worksheet 77 For Year Ending December 31, 2020 78 79 Cayce Simbel Adustments and Eliminations 80 Accounts Dollars Dollars Debit Credit 81 Sales (200,000) 82 Cost of goods sold 93,800 83 Salary expense 19,000 84 Rent expense 7,000 85 Other expenses 21,000 86 Dividend Income (13,750) B7 Gain, 10/1/20 88 Net Income 172.950) 89 90 Retained eamings, 1/1/20 318,000) 91 Net income 072,9501 52 Dividends pald 24 000 93 Retained earings, 12/31/20 (366,950) 94 05 Cash and receivables 110,750 96 Inventory 98,000 97 Prepaid expense 30,000 98 Investment 125,000 99 Fixed assets 395.000 100 Total 767 250 101 102 Accounts payable 100.000) 103 Notes payable (132 000) 104 Common stock (120.000 106 Additional paidan capital (83.000 100 Retained saming, 123100 (366,0501 107 Subtotal 108 Cumulative translation at 100 Tota labis and equity 022750 110 111 112 r200 way to 113 - Tuis and revealed headset) 114 cod postcode wys hoe 110 117 11 Sheet1 Shot Sheta + Ready MacBor