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(a) ABC Co has a year end of 31 December 20X1 and uses the dollar ($) as its functional currency.
On 25 October 20X1 ABC Co buys goods from a Swedish supplier for Swedish Krona (SWK)
286,000.
Rates of exchange:
25 October 20X1 $1 = SWK 11.16
16 November 20X1 $1 = SWK 10.87
31 December 20X1 $1 = SWK 11.02
Required:
Show the accounting treatment for the above transactions if:
(b) The amount owed remains outstanding at the year-end date.
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- = Iberico plc, a Spanish firm whose functional currency is EUR, sold goods to a British customer for 10,000 GBP on credit. The exchange rate on the date of sale was 1 GBP : 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the sale? Question 6 Select one: a. DR Cash 12,000 EUR, CR Sale 12, 000 EUR b. DR Cash 10,000 GBP, CR Sale 10,000 GBP c. DR Receivable 10,000 GBP, CR Sale 10,000 GBP d. DR Receivable 12,000 EUR, CR Sale 12,000 EUR8. Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows: May 8 May 31 June 7 Spot rate: $1.16 Spot rate:$1.18 Spot rate: $1.12 For what amount should Clark's Accounts Payable be credited on May 8? a. $1,680,000. b. $1,850,000. c. $1,740,000. d. $1,500,000. e. $1,770,000. in heOn December 1, Y1, AAA, a US based company, entered into a three months forward contract to purchase 1 million foreign currency FC, on March 1, Y2. The following US per FC exchange rates apply: Date Spot Rate Forward Rate December 1, Y1 $0.088 $0.084 December 31, Y1 $ 0.080 $0.074 March 1, Y2 $0.076 AAA borrowing rate is 12%. The present value factor for 2 months at an annual rate is 0.9803. How would AAA report the forward contract on its balance sheet on December 31, Y1? Justify your answer and show your calculations. 3 pts As a liability of 9,803. 1,000,000 x (0.084-0.074) = 10,000 x 0.9803 = 9803
- FinnCo purchases goods from its Mexican supplier on 1 November 20X1; the purchaseprice is 100,000 Mexican pesos. Credit terms allow payment in 45 days, and FinnComakes payment of 100,000 pesos on 15 December 20X1. FinnCo’s functional and presentation currency is the euro. Spot exchange rates between the euro (EUR) and Mexican peso (MXN) are as follows:1 November 20X1 MXN1 = EUR0.068415 December 20X1 MXN1 = EUR0.0703FinnCo’s fi scal year end is 31 December. How will FinnCo account for this foreign currency transaction, and what eff ect will it have on the 20X1 fi nancial statements?2 XYZ Company sells goods to a foreign customer on June 8. Payment of 3,000,000 foreign currency units (FC) is due in one month. June 30 is XYZ Company’s fiscal year-end. The following exchange rates were in effect during the period: June 8 Spot rate $1.10 June 8 30 day forward rate $1.15 June 30 Spot rate $1.14 July 8 Spot rate $1.20 A For what amount should XYZ Accounts Receivable be debited on June 8 B How much foreign exchange gain or loss should XYZ record on June 30(b) White Cliffs Co, whose year-end is 31 December, buys some goods from Rinka SA of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate moved as follows. € to $1 |30 September 30 November 1.60 | 1.80 31 December 31 January 1.90 1.85 Required State the accounting entries in the books of White Cliffs Co.
- Iberico plc, a Spanish firm whose functional currency is EUR, sold goods to a British customer for 10,000 GBP on credit. The exchange rate on the date of sale was 1 GBP = 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the sale? a. DR Cash 12,000 EUR, CR Sale 12,000 EUR b. DR Receivable 10,000 GBP, CR Sale 10,000 GBP c. DR Cash 10,000 GBP, CR Sale 10,000 GBP d. DR Receivable 12,000 EUR, CR Sale 12,000 EUROn December 1, 20X1, Rone Imports, a U.S. company, purchased clocks from Switzerland for 15,000 francs (SFr) to be paid on January 15, 20X2. Rone’s fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are December 1, 20X1 1 SFr = $0.70 December 31, 20X1 1 SFr = 0.66 January 15, 20X2 1 SFr = 0.68 Required: In which currency is the transaction denominated? Prepare journal entries for Rone to record the purchase, the adjustment on December 31, and the settlemenOn December 20, 2023, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 165,000 rials. Payment is received on January 10, 2024. Currency exchange rates are as follows: DateU.S. Dollar per RialDecember 20, 2023$ 1.26December 31, 20231.23January 10, 20241.19 Required: How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeier's 2023 income statement? How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeier's 2024 income statement? a. The rial receivable exchange b. The rial receivable exchange S in U.S. dollar value, resulting in a foreign of in 2023. in U.S. dollar value, resulting in a foreign of in 2024.
- Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows: Маy 8 Мay 31 Spot rate: $1.16 Spot rate: $1.18 Spot rate: $1.12 June 7 For what amount should Clark's Accounts Payable be credited on May 8? Multiple Choice $1,770,000. $1,680,000. $1,740,000. $1,850,000. $1,500,000.AL Maha, an Omani Company which close its accounts on 31/12 every year, sold goods to Korean Company on 1/09/2020 amounting to 5000000 KRW on a six- month term. The exchange rates as follows: 1/09/2020 1 OMR= 2937 KRW 31/12/2020 1 OMR= 3100 KRW 1/03/2021 1 OMR= 2966 KRW Required: What is the value of cash in OMR that will receive at 1/3/2021? (ROUND) Select one: a. 1686 b. 1613 c. 1702 d. Correct answer not availableOn December 20, 2023, Momeler Company (a U.S.-based company) sold parts to a foreign customer at a price of 195,000 rials. Payment is received on January 10, 2024. Currency exchange rates are as follows: Date December 20, 2023 December 31, 2023 January 10, 2024 U.S. Dollar per Rial. a. The rial receivable exchange b. The nial receivable exchange $1.29 1.26 1.22 Required: a. How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeler's 2023 income statement? b. How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeier's 2024 income statement? in U.S. dollar value, resulting in a foreign of in 2023 in U.S. dollar value, resulting in a foreign of in 2024
