Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with question a and b thank you Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020

please help me with question a and b
thank you image text in transcribed
Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 29,800 dinars. accounts receivable of 82,300 dinars, and land that cost 223,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 173,000 dinar note payable, and no other liabilities. On May 1,2020, Zugar renders services to a customer for 143,000 dinars, which was immediately paid in cash. On June 1,2020, Zugar incurred a 123,000 dinar operating expense, which was immediately paid in cash No other transactions occurred during the year Currency exchange rates for 1 dinar follow. a. Assume that Zugar is a foreign subsidiary of a U. multinational company that uses the U.S. dollat as its reporting currency. Assume also that the dinar is the subsidiary's functional currency. What is the transtation adjustment for this subsidiary for the year 2020 ? b. Assume that Zugar is a foreign subsidiary of a US multinational company that uses the U.S dollar as its reporting currency. Assume also that the US. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for 2020 ? c. Assume that Zugar is a foreign subsidiary of a US, multunational company. On the December 31, 2020, balance sheet, what is the transiated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured value of the Land account? (Input all amounts as positive.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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_2

Step: 3

blur-text-image_3

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

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

6th Canadian Edition

1260060411, 9781260060416

More Books

Students also viewed these Accounting questions