On December 1, 20x1, you imported a machine from a foreign supplier for $100,000, due for settlement on January 6, 20x2. Your functional currency is the Philippine peso. When preparing the December 31, 20x1 statement of financial position, which of the following will you translate to the closing rate? *       accounts payable       machine       machine and accounts payable

Haresh

Adjusting Entry at Balance Sheet Date  Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given. Item Current $ balance   FC balance   December 31 spot rate 1. Receivable $65,000   1,000,000 Mexican pesos   $0.06 2. Receivable 165,000   225,000 Canadian dollars   0.75 3. Payable 556,000   400,000 Jordan dinar   1.41 4. Payable 56,000   200,000 Saudi Arabian riyal   0.27 Required  Prepare the adjusting entry recorded by Yum! Brands at December 31.    Description   Debit Credit AnswerAccounts receivableCashExchange gainExchange loss?       AnswerAccounts receivableCashExchange gainExchange loss?       Accounts payable

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Kk.233.

The U.S Company, In the month of January 15 sold machinery on account to a retailer Australia. The invoice price was 250,000 US dollars and the exchange rate for the Australia dollar was $0.576. Select one:a. Cash A/c Dr 144,000$Sales A/c Cr 144,000$b. Cash A/c Dr 250,000$Sales A/c Cr 250,000$c. Accounts Receivable 250,000$ Sales 250,000$ d. Accounts receivable A/c Dr 144,000$Sales A/c Cr 144,000$

Iberico plc, a Spanish firm whose functional currency is EUR, bought goods from a British supplier at a cost of 10,000 GBP paid in cash. The exchange rate on the date of sale was 1 GBP = 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the purchase? Select one: a. DR Inventories 12,000 EUR, CR Cash 10,000 GBP b. DR Inventories 12,000 EUR, CR Cash 12,000 EUR C. DR Inventories 12,000 GBP, CR Cash 12,000 GBP d. DR Inventories 10,000 GBP, CR Cash 10,000 GBP Clear my choice

Assume that the beer arrived on August 15, and the company made payment on October 15. On August 15, the company entered into a two-month forward contract to purchase 276,000 euros. The company designated the forward contract as a cash flow hedge of a foreign currency payable. Forward points are excluded in assessing hedge effectiveness and amortized to net income using a straight-line method on a monthly basis. Prepare journal entries to account for the import purchase and foreign currency forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)   Record the foreign exchange loss for the third quarter.

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