Answered: March 1 May 1 August 1 Bought inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Voltac Corporation (a U.S. company located in Charlotte, North Carolina) has the following import/ export transactions denominated in Mexican pesos in 2017:
Currency exchange rates for 1 peso for 2017 are as follows:
For each of the following accounts, how much will Voltac report on its 2017 financial statements?
a. Inventory.
b. Cost of Goods Sold.
c. Sales.
d. Accounts Receivable.
e. Accounts Payable.
f. Cash.

March 1
May 1
August 1
Bought inventory costing 100,000 pesos on credit.
Sold 60 percent of the inventory for 80,000 pesos on credit.
Collected 70,000 pesos from customers.
Paid 60,000 pesos to suppliers.
September 1

March 1
May 1
August 1
$0.10
0.12
0.13
0.14
December 31
0.15

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