pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that has been in existence for several years, and whose functional currency is the US dollar. Compartiive account balances for January 1 and December 31, 2019, appear below, measured in Krona (kr), the swedish currency. Account balance 12/31/2019 1/1/2019 Cash kr 240,000 kr 175,000 Accounts receivable, net 360,000 400,000 Plant and Equipment, net 2,000,000 2,320,000 Account payable (200,000) (535,000) Notes payable (600,000) (800,000) Capital stock (400,000) (400,000) Retained Earnings, Jan 1 (1,160,000) (1,160,000) Sales (1,200,000) Depreciation Expense 320,000 Other Expense 640,000 Totals 0 0 $/kr Exchange Rates: January 1, 2019 0.13 Average for 2019 0.14 December 31, 2019 0.16
pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that has been in existence for several years, and whose functional currency is the US dollar. Compartiive account balances for January 1 and December 31, 2019, appear below, measured in Krona (kr), the swedish currency. Account balance 12/31/2019 1/1/2019 Cash kr 240,000 kr 175,000 Accounts receivable, net 360,000 400,000 Plant and Equipment, net 2,000,000 2,320,000 Account payable (200,000) (535,000) Notes payable (600,000) (800,000) Capital stock (400,000) (400,000) Retained Earnings, Jan 1 (1,160,000) (1,160,000) Sales (1,200,000) Depreciation Expense 320,000 Other Expense 640,000 Totals 0 0 $/kr Exchange Rates: January 1, 2019 0.13 Average for 2019 0.14 December 31, 2019 0.16
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that has been in existence for several years, and whose functional currency is the US dollar. Compartiive account balances for January 1 and December 31, 2019, appear below, measured in Krona (kr), the swedish currency.
| Account balance | 12/31/2019 | 1/1/2019 |
| Cash | kr 240,000 | kr 175,000 |
| 360,000 | 400,000 | |
| Plant and Equipment, net | 2,000,000 | 2,320,000 |
| Account payable | (200,000) | (535,000) |
| Notes payable | (600,000) | (800,000) |
| Capital stock | (400,000) | (400,000) |
| (1,160,000) | (1,160,000) | |
| Sales | (1,200,000) | |
| Depreciation Expense | 320,000 | |
| Other Expense | 640,000 | |
| Totals | 0 | 0 |
| $/kr | ||
| Exchange Rates: | ||
| January 1, 2019 | 0.13 | |
| Average for 2019 | 0.14 | |
| December 31, 2019 | 0.16 | |
Translate Supervalu's 2019 ending
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