Question
Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017: March 1 Bought inventory
Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/export transactions denominated in Mexican pesos in 2017:
March 1 | Bought inventory costing 100,000 pesos on credit. |
May 1 | Sold 60 % of the inventory for 80,000 pesos on credit |
August 1 | Collected 70,000 pesos from customers. |
September 1 | Paid 60,000 pesos to suppliers. |
Currency exchange rates for 1 peso for 2017 are as follows:
March 1 | $0.10 |
May 1 | 0.12 |
August 1 | 0.13 |
September 1 | 0.14 |
December 31 | 0.15 |
A) What is the COGS report on its 2017 financial statements?
B) What is the Cash report on its 2017 financial statements?
C) What is the A/P report on its 2017 financial statements?
D) What is the A/R report on its 2017 financial statements?
E) What is the ending inventory report on its 2017 financial statements?
F) What is the Sales report on its 2017 financial statements?
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