Reference no: EM13906870
On November 1, 2013, Athom Corporation purchased 5,000 television sets for its merchandise inventory from Sockk, a South Korean firm, at a total quoted cost of 600,000,000 won (W). On this date, the spot rate for the won was $1 = 1,080W. On the same day, Athom invested $500,000 cash in a non-interest bearing account with a Japanese bank, to hedge its exposed liability position. The account payable to Sockk is due on January 30, 2014. The exchange rates on December 31, 2013 and January 30, 2014 were $1 = 1,060W, and $1 = 1,030W, respectively. Athom agreed to pay Sockk in won. The bank deposit made by Athom will be held in won but will be withdrawn in dollars by Athom on January 30th. Assume that Athom has a December 31 year-end. Assume this is a fair value hedge.
Prepare all the journal entries for Athom Corporation's General Journal on November 1, 2013, December 31, 2013, and January 30, 2014. Round entries to the nearest whole dollar. If no entry is required on a particular date, indicate "no entry" in the General Journal.
What is the significance of the word proportionate
: What is the difference between the definition of a proportionate non-liquidating distribution and a proportionate liquidating distribution? What is the significance of the word proportionate?
|
What is the payoff of a person whose number is the highest
: What is the payoff of a person whose number is the highest of the three? Can she increase this payoff by announcing a different number?
|
What was the absorption costing net operating income
: Sproles Inc. manufactures a variety of products. Variable costing net operating income was $132,000 last year and its inventory decreased by 4,250 units. Fixed manufacturing overhead cost was $16 per unit. What was the absorption costing net operatin..
|
Explain the characteristics of an ethical dilemma
: Explain the characteristics of an ethical dilemma
|
Indicate no entry in the general journal
: On November 1, 2013, Athom Corporation purchased 5,000 television sets for its merchandise inventory from Sockk, a South Korean firm, at a total quoted cost of 600,000,000 won (W). Prepare all the journal entries for Athom Corporation's General Journ..
|
Determining the corresponding node labels
: Use binary reflected Gray code (RGC) to determine how a 16-node linear array can be mapped to a 4-D hypercube. You must derive the 4-bit Gray codes and the corresponding node labels of a 4-D hypercube. Draw the mapping of the 16-node linear array ..
|
Explain how teamwork is used in the cqi process
: Explain how teamwork is used in the CQI process
|
Is a nash equilibrium in which more than k people contribute
: Is there a Nash equilibrium in which more than k people contribute? One in which k people contribute? One in which fewer than k people contribute?
|
Craft company produces a single product
: Craft Company produces a single product. Last year, the company had a net operating income of $96,860 using absorption costing and $82,300 using variable costing. The fixed manufacturing overhead cost was $13 per unit. There were no beginning invento..
|