January 1, 2017 Average, 2017 December 31, 2017.. BRL per € BRL 4.2 BRL 4.3 BRL 4.6 US$ per BRL $0.28 $0.25 $0.20

Q: Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated…

A: Inventory in pesos=Inventory bought×100-% sold=112,000×100-80%=22,400

Q: Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local…

A: Foreign exchange: Foreign exchange means exchange of one  currency with another currency. The value…

Q: Benjamin, Inc., operates an export/import business. The company has considerable dealings with…

A: The exchange rate of currencies is one of the most important factors that affect the whole…

Q: On April 1, 2017, Mendoza Company borrowed 514,000 euros for one year at an interest rate of 5…

A: Prepare the journal entries:

Q: McCarthy, Inc.'s Brazilian subsidiary borrowed 115,000 euros on January 1, 2017. Exchange rates…

A: Reported gain (loss) in $ = Reported gain (loss) by subsidiary / Average rate of US$ per BRL

Q: Suppose one-year German Treasury bill pays 4.12% and one-year Canadian Treasury bill pays 2.33%. The…

A: Option 1: Investing in EURO: Given,  Amount in CAD = 4,000,000 Converting into Euro at Spot Rate  =…

Q: Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated…

A: Solution: - Notes: - the following notes need to understand before start of calculations as follows…

Q: Rabato Corporation acquired merchandise on account from foreign supplier on November 1, 2015, for…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: On July 1, 2017, Mifflin Company borrowed 200,000 euros from a foreign lender evidenced by an…

A: Gain/(Loss) on the note = Balance on 1 January 2018 - Amount paid

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/…

A: a. Calculate inventory amount: Inventory = 100,000 peso * 40% * $0.10 Inventory = $4,000 b.…

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following…

A: The answers to first three sub-parts were given here. Please re-post the question for getting the…

Q: Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina,…

A:

Q: Early in June 1983, it took 245 Japanese yen toequal $1. In August 2017, that exchange rate had…

A: Exchange rate is the value of one country’s currency in exchange of other country’s currency. If…

Q: On April 1, 2007, Shannon, a US bank, made a one year loan (asset to Shannon) of 200,000 swiss…

A: The foreign exchange gain would be excess of fair value on the closing date.

Q: McCarthy, Inc.’s Brazilian subsidiary borrowed 100,000 euros on January 1, 2017. Exchange rates…

A: Answer:   Option c.

Q: Problems 10 and 11 are based on the following information.A Clarke Corporation subsidiary buys…

A: A rate of foreign exchange is an exchange rate at which on currency can be converted into another…

Q: The Simpson Corporation is calculating their adjusted balance sheet into U.S. Dollars. The exchange…

A: Equity = Total assets - Total liabilities

Q: Assuming that the foreign country is highly inflationary, at what amount should the foreign…

A: Given information is: Cost of goods sold = LCU 5,810,000 Beginning inventory = 541,000 Ending…

Q: Masters Corp has a 100,000 foreign currency denominated accounts receivable on its books that is due…

A: Computation of the FX transactions Gain or loss of the following dates is :  Quarter ending March 31…

Q: Choose the correct. Brief, Inc., had a receivable from a foreign customer that is payable in the…

A: Foreign exchange gain = Dollar equivalent - Local currency units…

Q: Tan, a money changer speculate in foreign currency as his business. On October 1, 2014, Tan bought a…

A: Forex  gain or loss recognized = Spot price after 180 days - Forward price at the time of purchase

Q: On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to…

A: Currency Exchange rate: Currency exchange rate is the cost incurred to purchase one unit of currency…

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following…

A: As you posted multiple sub parts questions we are answering first three sub parts only kindly repost…

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following…

A: Cost of goods sold is the costs incurred by a business on raw material, direct labor and…

Q: Matthias Corp. had the following foreign currency transactions during 2017:• Purchased merchandise…

A: Foreign exchange gain on purchase of merchandise = Purchase value - Amount paid = $60,000 - $50,000…

Q: Wolters Corporation is a U.S. corporation that purchased 50,000 chocolate bars from a foreign…

A: No. of chocolates purchased = 50,000 Cost of chocolates purchased = 80,000

Q: Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local…

A: Foreign exchange gain =   U.S. dollar equivalent on February 15, 2021 - U.S. dollar equivalent on…

Q: How much is the accounting gain/loss due to the exchange rate change?

A: Foreign Currency Financial Statements:   Foreign currency financial statements are those statements…

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following…

A: Explanation: Inventory and cost of goods sold must be recorded on the exchange rate of purchase…

Q: A German MNC, exports to, and imports from Australia. The MNC has accounts receivable totaling…

A: *As per the given question German MNC has  Exported goods to Australia…

Q: Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local…

A:

Q: On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to…

A: Given information is: On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami,…

Q: Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following…

A: a. Calculate inventory amount: Inventory = 100,000 peso * 40% * $0.10 Inventory = $4,000   b.…

Q: Use the following information for Problems 11 and 12.MNC Corp. (a U.S.-based company) sold parts to…

A: Total payment amount = 10 Millions. Present value factor = 0.9706 Total receivable of Dollars: (…

Q: The following balance sheet accounts of a foreign subsidiary at December 31, 2017, have been…

A: Accounts receivables are recorded at the current rate  Inventory is recorded at the current rate…

Q: The Simpson Corporation is calculating their adjusted balance sheet into U.S. Dollars. The exchange…

A: Given: Beginning rate is 1Euro =1$Current exchange rate is 0.8 Euro =1$ Assets =3000 Euros Assets in…

Q: ) Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local…

A: If any entity has transactions that are denominated in a currency other than its functional currency…

Q: On December 1,2022, DG Computers Inc. purchased 10 personal computers from Japanese firm for…

A: Answer= Forex Gain of P 16,000

Q: An Italian exporter exported sports apparel worth €300,000 to the UK, where the exchange rate is…

A: Billed amount = €300,000 Amount received = €270,000

Q: Watt Company, a U.S. multinational enterprise, purchased goods from Kluger Company of Germany on Dec…

A: Exchange Rates as on  1 Dec 2016 : C1 = $ 1.0895 31 Dec 2016 : C1 = $ 1.0845 20 Jan 2017 : C1 = $…

Q: Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a…

A: Given is: Purchase of marketable securities = 100,000 won Purchase of inventory = 100000 won

Q: On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer…

A: a.

Q: Benjamin, Inc., operates an export/import business. The company has considerable dealings with…

A: a)