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SEND ME SOLUTION FAST WITHIN 20 MINUTES On the balance sheet of WuhanX, an affiliate of a US manufacturer, you are given the balances of
SEND ME SOLUTION FAST WITHIN 20 MINUTES
On the balance sheet of WuhanX, an affiliate of a US manufacturer, you are given the balances of the following accounts: Cash-5,000 CNY (Chinese Yuan); A/R-14,000 CNY, Fixed Assets- 39,000 CNY. If the current rate is $0.15= CNY 1 On the consolidated financial statements of the parent company the Cash balance would translate to: Select one: a. $750 O b. $2,100 O c 5,000 O d. $33,333 On January 2, 2020 a German company, GermanCo, buys $3 million worth of computer chips from IntelligentChip a US based company. GermanCo paid 10% down, the balance to be paid 3 months later (on April 2, 2020). The US$ to the Euro on January 2, 2020 was 1$=0.9 euro. On April 2, 2020 19=0.88 euro. Required: 1. Prepare dated journal entries for GermanCo in euros to record the above transactions (4 points) 2. If the year end for GermanCo was March 31, 2020 would it need to make any adjustments if the US S to the euro was 0.89 on that date? If yes, what would be the adjusting entry? (4 points)Step by Step Solution
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