FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Abe Inc, a US company, sold its inventory to Poui SA for $20,000 and to Brit Ltd for 20,000 euros on December 10, 2013, when

Abe Inc, a US company, sold its inventory to Poui SA for $20,000 and to Brit Ltd for 20,000 euros on December 10, 2013, when the spot rate for the euro was $0.723 Abe closed its books on December 31, 2014, when the spot rate for the euro was $0.718 and collected for the sale on January 10, 2014, when the spot rate for the euro was $0.730 REQUIRED Prepare the necessary journal entries to account for the transactions above

Step by Step Solution

★★★★★

3.58 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

find t... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Multinational financial management

Multinational financial management

Authors: Alan c. Shapiro

10th edition

9781118801161, 1118572386, 1118801164, 978-1118572382

More Books

Students also viewed these Accounting questions

Question

★★★★★
Prepare the necessary journal entries to account for the purchases and year-end adjustments of the inventory of Payson Manufacturing Company. All purchases are made on account. Payson uses the...

Answered: 1 week ago

Question

★★★★★
On May 20, 2016, when the spot rate is $1.37/, a U.S. company buys merchandise from a supplier in Italy, at a cost of 110,000. The spot rate is $1.34/ on June 30, the companys year-end. Payment of...

Answered: 1 week ago

Question

★★★★★
On April 10, 2016, when the spot rate is $1.18/, a U.S. company sells merchandise to a customer in Italy. The spot rate is $1.19/ on June 30, the companys year-end. Payment of 110,000 is received on...

Answered: 1 week ago

Question

★★★★★
We listed management of expectations as one of the Feds new unconventional monetary policy tools. Explain what this new policy tool does. List the potential problem of this policy tool.

Answered: 1 week ago

Question

★★★★★
The productivities of factor inputs with respect to different products are determined by a combination of natural and acquired advantages. Is the productivity of the Japanese due primarily to natural...

Answered: 1 week ago

Question

★★★★★
In this assignment you will focus on forecasting demand for cruises in different geographical regions. CII is trying to determine which regions have faster-growing demand so that they can be sure to...

Answered: 1 week ago

Question

★★★★★
=+50. U.S. unemployment rate 2013, part 2. Using the data from Exercise 49 develop and compare the following models:

Answered: 1 week ago

Question

★★★★★
The following information (prior to adjustment) is available from the accounting records of the Bradford Company on December 31, 2007: Cash sales .......... $ 93,100 Net credit sales ........262,900...

Answered: 1 week ago

Question

★★★★★
Convert the following network addresses to binary: 223.191.16.225? What is the host number for network 119.56.89.16? What is the subnet mask for network 111.101.22.16?

Answered: 1 week ago

Question

★★★★★
During the COVID-19 19 pandemic, 50 patients over the age of 60 were admitted to a hospital, where 25 patients were completely cured without needing to enter the intensive care rooms. The ages of 25...

Answered: 1 week ago

Question

★★★★★
A physical inventory on Friday, January 2, 2019, results in a total dollar value assigned to the ending inventory at lower of cost or market of $568,200 (use income summary account for adjustment...

Answered: 1 week ago

Question

★★★★★
Scenario (Part 1) You are working at a busy nightclub and have been monitoring a patron for the last hour. The patron has not ordered a single drink, but you have noticed significant changes in their...

Answered: 1 week ago

Question

★★★★★
describe a healthcare quality improvement that occurred within an organization. In this discussion, you will Examine the quality improvement that occurred, including the background and the process...

Answered: 1 week ago

Question

★★★★★
You're starting a small photography business. You need an inexpensive but powerful photo editing program to touch up your Images. Compare two photo editing programs in the $75-$200 range. Evaluate...

Answered: 1 week ago

Question

★★★★★
Jonathan Lark's lifelong dream is to own a restaurant. He owns a premium site for a restaurant across the street from the local university. Now he needs to decide what kind of restaurant to open....

Answered: 1 week ago

Question

★★★★★
What is the shift capacity of a machine with the following characteristics? ---Part processing time = 70 seconds ---cutting tool has to be replace every 35 pieces and it takes 30 seconds to replace...

Answered: 1 week ago

Question

★★★★★
EB Inc makes batteries and other parts for mobile devices. EB Inc operates in a non UK tax jurisdiction called FarAway. It prepares its financial statements using IFRS. Set out below are draft...

Answered: 1 week ago

Question

★★★★★
g(x) = x 5 5x 6 a. Show that g(x) = 0 has a root, , between x = 1 and x = 2. b. Show that the equation g(x) = 0 can be written as x = (px + q) 1/r , where p, q and r are integers to be found. The...

Answered: 1 week ago

Question

★★★★★
Chemex, a U.S. maker of specialty chemicals, exports 40% of its $600 million in annual sales: 5% to Canada and 7% each to Japan, Britain, Germany, France, and Italy. It incurs all its costs in U.S....

Answered: 1 week ago

Question

★★★★★
Nissan produces a car that sells in Japan for 1.8 million. On September 1, the beginning of the model year, the exchange rate is 150:$1. Consequently, Nissan sets the U.S. sticker price at $12,000....

Answered: 1 week ago

Question

★★★★★
Comment on the following statement: ''The French view European Monetary Union as a way to break the Bundesbank's dominance in setting monetary policy in Europe.''

Answered: 1 week ago

Question

★★★★★
Refer to Exercise 9.6. In exercise 9.6 Refer to Exercise 9.5. In exercise 9.5 Repeat the simulation described earlier with the following changes. At step 3, specify 1 for the Number of Variables and...

Answered: 1 week ago

Question

★★★★★
Repeat the experiment calculating the sample medians. (Use Excel function MEDIAN.) If the sample median is an unbiased estimator of the population mean, what should you expect when you calculate the...

Answered: 1 week ago

Question

★★★★★
The following accounts and related balances of Bluebird Designers, Inc., as of December 31, 2017, are arranged in no particular order. Requirements 1. Prepare Bluebird's classified balance sheet in...

Answered: 1 week ago

Previous Question Next Question