trial balance, translated into U.S. dollars, contained $1 d income of 93400 pounds for 2019 and paid a cash div adjusted equity method of accounting for its investme January 1 1f = 1.21 October 25 1£ = 1.24 December 31 1£ = 1.27 e for the year 1£ = 1.23

Translation and Remeasurement Gains and Losses Amcrest France Sarl, located in Paris France, is a financial subsidiary of Target Corporation, a U.S. company. Amcrest's accounts are re- ported in euros. Assume that the following data relate to Amcrest's activities for 2020 (in millions). €(15,000) 5,400 Net monetary liabilities, beginning of year. Net assets, beginning of year.. Transactions during 2020: Sales.... 72,000 59,000 ...... Inventory purchases.. Depreciation and amortization Cost of sales..... Cash operating expenses.. Dividends declared and paid New long-term interest borrowings 1,000 61,000 9,500 100 300 Sales, inventory purchases, and cash operating expenses were reported evenly throughout the year. Exchange rates are as follows ($/€): Beginning of 2020 Average for 2020 End of 2020 $1.30 1.24 1.20 ... .. Rate when assets related to depreciation and amortization were acquired Rate when dividends declared...... Rate when long-term interest borrowings occurred 1.45 1.21 1.25…

Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If Clark Company pays the note at maturity, what entry should Sherman make at that time? Select one: a.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense A) +4,360 -4,000       +360 +360     b.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense B) -4,360     -4,000   -360     +360 c.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense C) +4,060 -4,000       +60 +60     d.     BALANCE SHEET INCOME STATEMENT   ASSETS =…

KA. On July 1, 2019, Great White North (GWN) Inc. purchased merchandise from a supplier in the U.S. for US$800,000 with terms requiring full payment by October 31, 2019. GWN has a July 31st year end. On October 31, 2019, GWN paid its supplier in full. Selected dates and spot rates are shown below: July 1, 2019 CDN $1.2150 July 31, 2019 CDN $1.2175 October 31, 2019 CDN $1.22   1) Prepare all journal entries on Settlement date. 2) Prepare all journal entries that would be prepared at year end.

The trial balance of Novak Ltd. at December 31, 2020, follows:     Debits   Credits Cash   $295,000         Sales revenue         $10,299,000   FV-NI investments (at fair value)   323,000         Cost of goods sold   6,400,000         Bond investment at amortized cost   429,000         FV—OCI investments (fair value $445,000)   378,000         Notes payable (due in six months)         99,000   Accounts payable         805,000   Selling expenses   2,460,000         Investment income or loss*         11,000   Land   320,000         Buildings   2,940,000         Dividends payable         56,000   Income tax payable         106,000   Accounts receivable   705,000         Accumulated depreciation—buildings         232,000   Allowance for doubtful accounts         37,000   Administrative expenses   930,000         Interest expense   251,000         Inventory   767,000         Gain on disposal of land…

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

Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash Inventory Land Building Accumulated depreciation 2011 2013 2020 Feb. 1 Paid 8,140,000 NGN on the note payable. May 1 Sold entire inventory for 17,400,000 NGN on account. June 1 Sold land for 6,140,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,140,000 NGN cash. Oct. 1 Bought inventory for 20,140,000 NGN cash. Nov. 1 Bought land for 3,140,000 NGN on account. Dec. 1 Declared and paid 3, 140,000 NGN cash dividend to parent. Dec.31 Recorded depreciation for the entire year of 2,070,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: August 1, 2019 December 31, 2019. February 1, 2020 May 1, 2020 June 1, 2020 August 1, 2020 September 1, 2020 October 1, 2020 November 1, 2020 December 1, 2020 December 31,…

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts                                                 Debit                    CreditCash                                                       $ 25,100Accounts Receivable                                 46,200Allowance for Uncollectible Accounts                                 $ 4,200Inventory                                                   20,000Land                                                          46,000Equipment                                                15,000Accumulated Depreciation                                                   1,500Accounts Payable                                                                28,500Notes Payable (6%, due April 1, 2022)                                50,000Common Stock                                                                    35,000Retained Earnings…

Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 1 1 1 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 290,105 146,803 16,913 Trend Percent for Net Sales: 2019 $ 232,084 119,092 15,828 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Sold: 1 Denominator: 7 1 1 1 1 1 I 1 Denominator: Trend Percent for Accounts Receivable: Denominator: 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 167,570 84,885 9,820 = = = = = = = = = = 2017 $ 128,900 64,450 8,804 = Trend percent Trend percent Trend percent % % % % % % % % % % % % %…