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Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2015: March 1 Bought inventory costing 73,000 pesos on credit.
Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2015: |
March 1 | Bought inventory costing 73,000 pesos on credit. |
May 1 | Sold 70 percent of the inventory for 68,000 pesos on credit. |
August 1 | Collected 51,500 pesos from customers. |
September 1 | Paid 41,500 pesos to creditors.
|
Currency exchange rates for 1 peso for 2015 are as follows: |
March 1 | $ | 0.21 | ||
May 1 | 0.22 | |||
August 1 | 0.23 | |||
September 1 | 0.24 | |||
December 31 | 0.25 | |||
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For each of the following accounts, how much will Acme report on its 2015 financial statements? (Please provide an answer for ALL of the accounts below and accurate calculations). a. Inventory b. Cost of Goods Sold c. Sales d. Accounts Receivable e. Accounts Payable f. Cash |
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