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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 74,000 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 74,000 pesos on credit. |
May 1 | Sold 80 percent of the inventory for 69,000 pesos on credit. |
August 1 | Collected 52,000 pesos from customers. |
September 1 | Paid 42,000 pesos to creditors. |
Currency exchange rates for 1 peso for 2015 are as follows: |
March 1 | $ | 0.22 | |
May 1 | 0.23 | ||
August 1 | 0.24 | ||
September 1 | 0.25 | ||
December 31 | 0.26 | ||
|
Assume that all receipts were converted into dollars as soon as they were received. |
For each of the following accounts, how much will Acme report on its 2015 financial statements? |
INVENTORY- COST OF GOODS SOLD- SALES ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE CASH |
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