At what amount in dollar should the inventory be shown

Assignment Help Financial Accounting
Reference no: EM132746720

Question - Foreign Company buys inventory on May 20, 20X1 for FC1,000 when the exchange was FC1 = S1.00. On December 31, 20X1 the fair value of the inventory is FC1,050 and the exchange rate is FC1 = $0.90. At what amount in dollar should the inventory be shown in the translated financial statements on December 31, 20X1?

Reference no: EM132746720

Questions Cloud

What is the takt time in seconds for this product : The net available time to work is 62 hours per week, using two shifts. What is the Takt time in seconds for this product
What you have learned to your professional lives : You have the opportunity to be creative and to relate what you have learned to your professional lives.
What is the return on investment for the project : Given the following information - Retained earnings, beginning $70242, what is the return on investment for the following project
What will have been your return on these shares : Preferred shares with a par value of $100 pay a 6% dividend. The dividend is paid annually. What will have been your return on these shares
At what amount in dollar should the inventory be shown : The exchange rate is FC1 = $0.90. At what amount in dollar should the inventory be shown in the translated financial statements on December 31, 20X1
Prepare the bank reconciliation for flounder enterprises : The bank statement revealed $45 in bank service charges. Prepare the bank reconciliation for Flounder Enterprises Limited as of October 31, 2020
How many withdrawals will he or his heir be able to make : Mr. Ghani wants to deposit his savings of Rs. 50,000 in a bank, How many withdrawals will he or his heir (in case of his death) be able to make
Common hacking techniques you should know about : Hacking is the process of gaining unauthorized access into a computer system, or group of computer systems.
What is the value of the firm : Suppose that with the $49,000 of debt and no costs to financial distress the firm has a value of $198,957.5. What is the value of the firm

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the amount of retained earnings

As of December 31, 2014, Post Company had total cash of $162,000, notes payable of $86,200, and common stock of $53,000. During 2015, Post earned $42,000 of cash revenue, paid $23,000 for cash expenses, and paid a $3,600 cash dividend to the stockhol..

  Statement of comprehensive income

The barrington construction company builds office buildings.It also owns and operates a chain of motels throughout the Northwest. On September 30,2016, the company decided to sell the entire motel business for $40million. Prepare a single, continuous..

  The cost of ending inventory using weighted-average

Malloy Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of end..

  How did your firm conduct the impairment testing

How did your firm conduct the impairment testing? Has your firm recorded any impairment expenditures during the period?

  Contribution income statement up to operating

contribution income statement up to operating incomestraightforward contribution income statement yoko ltd. had the

  What is the current value of operations

The weighted average cost of capital is WACC = 10.1%, and the constant growth rate is g = 4.0%. What is the current value of operations?

  Examine apples statement of cash flows

Examine Apples statement of cash flows - actions that Apple could take in order to maximize the use of its cash flows. Provide a rationale for your response

  Determine total-per-share dividends for each class of stock

A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 52,000 shares of $10 par common stock. The amounts distributed as dividends are presented belo..

  The dividend payout ratio is closest

Delatrinidad Corporation's net income last year was $7,745,000. The dividend on common stock was $13.2 per share and the dividend on preferred stock was $3.1 per share. The market price of common stock at the end of the year was $54.2 per share. Thro..

  What is the market price of a share of stock for a firm

What is the market price of a share of stock for a firm with 100,000 shares outstanding, a book value of equity of P3,000,000, and a market/book ratio of 3.5?

  Prepare entry to record issuance of convertible bond

Prepare the entry to record issuance of the convertible bonds and prepare the entry to record interest expense at October 1, 2011.

  What method of costing system

What method of costing system (Traditional/ABC) do you think is appropriate for this company? Describe each method first and support your argument

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd