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Question - The Farmer Corporation engaged in the following transactions during 2014. Farmer uses a perpetual inventory system:
Mar. 31 Purchased merchandise from a Dutch supplier at a cost of 100,000 Euros. The exchange rate on this date was $1.30 per Euro.
Apr . 19 Paid for the merchandise. The exchange rate on this date was $1.32 per Euro.
May 11 Sold goods to a U.S. buyer at a selling price of $70,000 U.S. dollars. The exchange rate on this date was $1.02 Canadian dollars for each U.S. dollar. Ignore the journal entry to record cost of goods sold.
Jun. 15 Received payment from the U.S. buyer for the goods sold on June 10. The exchange rate on this date was $1.03 Canadian dollars for each U.S. dollar.
a) Prepare the journal entries necessary to record each of the above transactions.
b) During the periods of time covered by the transactions, was the Canadian dollar getting stronger or weaker relative to the Euro and the U.S. dollar?
Puckett Co. has office furniture that cost $75,092 and that has been depreciated $49,709 - Record the disposal under the assumptions.
Suppose this action will increase sales to 318,000 jars of sauce. What is the incremental revenue associated with the price reduction of sauce?
The actual level of activity for the period was 4,600 MHs. What was the total of the variable overhead spending and fixed overhead budget variances for the month?
What would be the amount related to the bonds that Myriad would report in its income statement for the year ended December 31, 2013
Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statements on June 30?
jantz corporation purchased a machine on july 11998 for 250000. the machine was estimated to have a useful life of 10
It is conceivable that UK accounting and reporting for non-current assets could be changed to a system based on one of the valuation methods dealt with in this chapter, perhaps deprival value. List three reasons for such a change, and three reason..
abe and brenda formed the ab partnership ten years ago as a general partnership and have been very successful with the
Adria Lopez has consulted with her local banker and is considering financing an expansion of her business by obtaining a long term bank loan. Selected account balances at March 31, 2014, for Success Systems follow.
the standard materials cost to produce one unit of product m is 6 pounds of material at a standard price of 50 per
Considering this information, determine (a) the unit cost for the month in finishing, (b) the total cost of the products transferred to finished goods
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month
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