{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T21:05:58-04:00", "answer_date": "2024-05-26 21:05:58", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1759934", "url": "\/study-help\/questions\/sullivans-island-company-began-operating-a-subsidiary-in-a-foreign-1759934", "question_creation_date_js": "2024-05-26T21:05:58-04:00", "question_creation_date": "May 26, 2024 09:05 PM", "meta_title": "[Solved] Sullivan's Island Company began operating | SolutionInn", "meta_description": "Answer of - Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital i | SolutionInn", "meta_keywords": "sullivan,s,island,company,began,operating,subsidiary,foreign,country,january,1,2020", "question_title_h1": " Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 80,000 pounds.", "question_title": " Sullivan's Island Company began operating a subsidiary in a foreign country", "question_title_for_js_snippet": "Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 80,000 pounds The subsidiary immediately borrowed 190,000 pounds on a five year note with 8 percent interest payable annually beginning on January 1, 2021 The subsidiary then purchased for 270,000 pounds a building that had a 10 year expected life and no salvage value and is to be depreciated using the straight line method Also on January 1, 2020, the subsidiary rented the building for three years to a group of local attorneys for 8,500 pounds per month By year end, rent payments totaling 85,000 pounds had been received, and 17,000 pounds was in accounts receivable On October 1, 2020, 3,400 pounds was paid for a repair made to the building The subsidiary transferred a cash dividend of 11,750 pounds back to Sullivan's Island Company on December 31, 2020 The functional currency for the subsidiary is the pound Currency exchange rates for 1 pound follow January 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $3 00 Pound 3 05 1 3 08 1 3 04 Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U S dollars Complete this question by entering your answers in the tabs below Income Statement Retained Earnings Balance Sheet Prepare a Balance Sheet (Amounts to be deducted should be indicated by a minus sign ) SULLIVAN'S ISLAND COMPANY Balance Sheet December 31, 20201", "question_description": "\"image\"image\"image\"image", "transcribed_text": "Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 80,000 pounds. The subsidiary immediately borrowed 190,000 pounds on a five-year note with 8 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 270,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2020, the subsidiary rented the building for three years to a group of local attorneys for 8,500 pounds per month. By year-end, rent payments totaling 85,000 pounds had been received, and 17,000 pounds was in accounts receivable. On October 1, 2020, 3,400 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 11,750 pounds back to Sullivan's Island Company on December 31, 2020. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow: January 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $3.00 Pound 3.05-1 3.08-1 3.04- Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U.S. dollars. Complete this question by entering your answers in the tabs below. Income Statement Retained Earnings Balance Sheet Prepare a Balance Sheet. (Amounts to be deducted should be indicated by a minus sign.) SULLIVAN'S ISLAND COMPANY Balance Sheet December 31, 20201", "related_book": { "title": "Survey of Accounting", "isbn": "9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555", "edition": "2nd edition", "authors": "Edmonds, old, Mcnair, Tsay", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/76.jpg", "uri": "\/textbooks\/survey-of-accounting-2nd-edition-76", "see_more_uri": "" }, "free_related_book": { "isbn": "0883853140", "uri": "\/textbooks\/more-mathematical-morsels-1st-edition-978-0883853146-131954", "name": "More Mathematical Morsels", "edition": "1st Edition" }, "question_posted": "2024-05-26 21:05:58", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/consult-paragraphs-2830-of-pcaob-auditing-standard-no-5-identify-at", "description": "Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify at least one relevant financial statement assertion related to the restructuring reserve account. Why is it relevant?", "stars": 3 }, { "url": "\/riverside-engineering-is-a-machine-shop-that-uses-job-order", "description": "Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321...", "stars": 3 }, { "url": "\/study-help\/accounting-and-finance\/outline-the-fi-ve-main-investment-appraisal-methods-1813970", "description": "Outline the fi ve main investment appraisal methods.", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/suppose-for-the-events-a-bcd-we-have-a-1981522", "description": "Suppose for the events A, B,C,D, we have A B and C D. Then, arguing as in the proof of Proposition 1.2, show that A C B D and AC BD.", "stars": 3 }, { "url": "\/jj-corporation-had-the-following-stock-issued-and-outstanding-at", "description": "J&J Corporation had the following stock issued and outstanding at January 1, 2010. 1. 50,000 shares of $5 par common stock. 2. 5,000 shares of $100 par, 5 percent, noncumulative preferred stock. On...", "stars": 3 }, { "url": "\/study-help\/questions\/find-a-minimal-state-machine-equivalent-to-the-state-machine-9885907", "description": "Find a minimal state machine equivalent to the state machine whose state table is:", "stars": 3 }, { "url": "\/study-help\/questions\/albert-is-in-third-grade-and-has-documented-impulsivity-issues-1488932", "description": "Albert is in third grade and has documented impulsivity issues in class. Develop a plan to teach Albert how to answer questions in class appropriately. He will currently shout out answers and if the...", "stars": 3 }, { "url": "\/study-help\/questions\/16-16-a-signal-element-encodes-an-8-bit-word-9734905", "description": "16) 16) A signal element encodes an 8 bit word in a digital signaling system. If the bandwidth of the channel is 4 kHz, What is the bit rae? B) 64 kbps C) 0.5 kbps D) 1024 kbps A) 32 kbps", "stars": 3 }, { "url": "\/study-help\/questions\/dan-owned-a-farm-most-of-his-products-are-being-991923", "description": "Dan owned a farm. Most of his products are being supplied to different restaurants. Products include cow's milk, chicken egg, meat (chicken, pork, and beef). On the side, they also sell carrots,...", "stars": 3 }, { "url": "\/study-help\/questions\/task-1-a-describe-the-operation-of-the-following-thermodynamic-1024219", "description": "Task 1: A. Describe the operation of the following thermodynamic systems and their properties: (i) System (ii) Surroundings (iii) Open System (iv) Close System (v) Isolated System B. A large fraction...", "stars": 3 }, { "url": "\/study-help\/questions\/3-10-points-in-this-question-you-will-see-that-1002724", "description": "3. (10 points) In this question you will see that soft-SVM can be formulated as solving a regularized ERM rule, which uses a popular error function called hinge loss (see https:...", "stars": 3 }, { "url": "\/study-help\/questions\/suppose-that-ivanhoe-international-ltd-had-the-following-records-2025-999924", "description": "Suppose that Ivanhoe International Ltd. had the following records: 2025 2024 Ending inventory $48650 $27490 Cost of goods sold 222100 210890 What is Ivanhoe's average days in inventory for 2025?...", "stars": 3 }, { "url": "\/study-help\/questions\/1-if-custom-call-services-does-transition-to-a-1002858", "description": "1 . If Custom Call Services does transition to a PTO policy, what are some things that Stan should consider including in the policy to address concerns about absenteeism ?", "stars": 3 }, { "url": "\/study-help\/questions\/true-or-false-whether-you-are-quoting-or-paraphrasing-someone-8392809", "description": "True or false, whether you are quoting or paraphrasing someone else s work you do not need to cite their work. Group of answer choices True False", "stars": 3 }, { "url": "\/why-is-disclosure-of-depreciation-or-amortization-methods-and-rates", "description": "Why is disclosure of depreciation or amortization methods and rates so important?", "stars": 3 }, { "url": "\/study-help\/investment-management\/an-increase-in-earnings-the-payout-ratio-1678576", "description": "An increase in earnings __________ the payout ratio.", "stars": 3 }, { "url": "\/study-help\/investment-management\/a-2for1-stock-split-the-firms-assets-the-firms-1678574", "description": "A 2-for-1 stock split __________ the firms assets, the firms liabilities, and __________ the firms equity.", "stars": 3 }, { "url": "\/study-help\/principles-of-marketing\/are-the-key-management-and-technical-personnel-capable-and-do-1678564", "description": "Are the key management and technical personnel capable, and do they have a track record in the industry within which they must compete? LO.1", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/exercise-1633-depreciation-tax-shield-section-2-lo-164-165-1759933", "next": "\/study-help\/questions\/mercer-asbestos-removal-company-removes-potentially-toxic-asbestos-insulation-and-1759935" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Sullivan's Island Company began operating a subsidiary in a foreign country", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/sullivans-island-company-began-operating-a-subsidiary-in-a-foreign-1759934" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }