Question
Santa Barbara Company, a U.S. company, purchased merchandise on account from a company in England. The price was 1,200 British pounds. At the time of
Santa Barbara Company, a U.S. company, purchased merchandise on account from a company in England. The price was 1,200 British pounds. At the time of the purchase, the exchange rate for a British pound was $ 1.53. At the time Santa Barbara Company paid for the merchandise, the exchange rate for a British pound was $1.57. What is the amount of the gain or loss recorded by the Santa Barbara Company upon payment? A.)Foreign currency transaction loss $48. B.)Foreign currency transaction gain $ 48 C.)Foreign currency translation loss $1,884. D.) Foreign currency translation gain $1,884. Wendell Corporation reported net income for the current year of $840,000. Wendell had 5,000 shares of $120 par value, 9% preferred stock outstanding and 39,000 shares of $1 par value common stock outstanding for the entire year. Earnings per share is A.)$21.54 B.)$20.15 C.)$17.86 D.) $120.00
The Playscape Company reports the following for the fiscal year ending December 31, 2017:
Net income $900,000 Foreign-Currency Translation Gain, net of tax $200,000 Unrealized Loss on Investment in Available-for-Sale Securities, net of tax (440,000) Unrealized Loss on Investment in Trading Securities, net of tax (120,000)
What is comprehensive income for the fiscal year ending December 31, 2017? A.)1,100,000 B.)540,000 C.)900,000 D.)660,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started