LO.3 Chock, a U.S. corporation, purchases inventory for resale from distributors within the United States and resells this inventory at a $1,000,000 profit to customers outside the United States. Title to the goods passes outside the United States. What is the sourcing of Chock's inventory sales income?

None

Suppose British pound = $1.60, Canadian dollar = $0.74, explain indirect rate, how many pounds must a British company pay to purchase goods costing $8,000 from a U.S. company?

7. XYZ, a US company has a subsidiary in Korea. The Korean sub sells inventory to a Japanese company with the sale denominated in US dollars. Between the date of sale and the date the receivable is collected the Korean won strengthens 10% against the US dollar. Explain if there is a foreign exchange gain or loss or no FX impact and why   Thank you

The question relates to either Chapter 9 ( Foreign Currency Translations and Hedging Foreign Exchange Risk ) or Chapter 10 ( Translation of Foreign Currency Financial Statements ) For Advanced Accounting 13th Edition by Joe B. Hoyle, Thomas F, Schaefer, and Timothy S. Doupnik. Details are included in the image Need all calculations, journal entries, work, etc.

1.) Harris Incorporated had the following transactions: On May 1, Harris purchased parts from a Japanese company for a U.S. dollar–equivalent value of $6,200 to be paid on June 20. The exchange rates were May 1 1 yen = $0.0070 June 20 1 yen = 0.0075 On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $10,200, to be received on August 10. Brazil’s local currency unit is the real. The exchange rates were July 1 1 real = $0.20 August 10 1 real = 0.22 Required: - Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company (yen) and the Brazilian customer (real). For Part B: 1 Record the foreign purchase denominated in Japanese yen.   2 Record the revaluation of the foreign currency payable to the U.S. dollar equivalent value.   3 Record the purchase of Japanese yen to…

1.) Harris Incorporated had the following transactions: On May 1, Harris purchased parts from a Japanese company for a U.S. dollar–equivalent value of $6,200 to be paid on June 20. The exchange rates were May 1 1 yen = $0.0070 June 20 1 yen = 0.0075 On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $10,200, to be received on August 10. Brazil’s local currency unit is the real. The exchange rates were July 1 1 real = $0.20 August 10 1 real = 0.22 Required: - Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company (yen) and the Brazilian customer (real). For Part B: 1 Record the foreign purchase denominated in Japanese yen.   2 Record the revaluation of the foreign currency payable to the U.S. dollar equivalent value.   3 Record the purchase of Japanese yen to…

B9.

Question 1 ABC Corp. is a domestic corporation. It sold goods to XYZ Corp., a PEZA-registered export enterprise based in Cavite Economic Zone. ABC Corp. billed XYZ Corp. Php 1,000,000 upon delivery to XYZ Corp. XYZ Corp. paid Php 1,000,000. Subsequently, XYZ Corp. exported the goods to GHI Corp. based in the United States. The sale by ABC Corp. is: Group of answer choices a. Subject to 12% VAT b. Subject to 0% VAT c. VAT-exempt d. Subject to percentage tax

) USCo purchases widgets in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the widget.  In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income that is subject to Hong Kong tax at a 15% rate. Any facts stated in an individual question relate solely to that question. Q.   If the $100,000 of taxable income earned by the Hong Kong branch constitutes interest income from various Hong Kong banks on which the Hong Kong branch incurs withholding tax at a rate of 15%, what is USCo's foreign tax credit? (a)            $0. (b)           $40,000. (c)            $36,000. (d)           $42,000. (e)            $15,000 in the branch limitation category and $21,000 in the passive limitation category.Q.  If USCo manufactures the…