Compute the amounts that would be reported for the inventory

Assignment Help Accounting Basics

Reference no: EM133504332

Question: A U.S. company owns an 80% interest in a company located on Mars. Martian currency is called the Martian Credit. During the year the parent company sold inventory that had cost $24,400 to the subsidiary on account for $30,000 when the exchange rate was $0.5192. The subsidiary still held one-half of the inventory and had not paid the parent company for the purchase at the end of the fiscal period. The unsettled account is denominated in dollars. The exchange rate at the fiscal year-end was $0.4994. (a1) Compute the amounts that would be reported for the inventory and accounts payable in the subsidiary's translated balance sheet. The entity's functional currency is the Martian Credit.

Reference no: EM133504332

Questions Cloud

What is the amount of the average daily float : The cheque amounts and the collection delay for each cheque are shown below. Given this information, what is the amount of the average daily float?

Complaining of decreased energy : AW is a 43-year-old man who comes to you complaining of decreased energy. He has just recently begun having problems with completing the sexual act,

Draw in the budget constraint : For each country draw in the budget constraint. For eachcountry label the production point on the diagram

Compute the amount of the intercompany profit : Compute the amount of the intercompany profit to be eliminated in the consolidated statements workpaper prepared for the current year.

Compute the amounts that would be reported for the inventory : Compute the amounts that would be reported for the inventory and accounts payable in the subsidiary's translated balance sheet. The entity's functional currency

Seek out STI prevention program for high-risk group online : Seek out an STI prevention program for this high-risk group online. What metrics is this program using to show whether or not they are effective?

How do these unconventional monetary policies affect : How do these unconventional monetary policies affect expectations, and how will consumption and investment respond to those changed expectations

Use this information to record the payroll expenses for : Use this information to record the payroll expenses for the week and the? employer's portion of payroll expenses for the week.?Next, let's record the? employer

Summarize your understanding of the statistical concepts : Summarize your understanding of the statistical concepts of statistical significance and p-value, including the meaning and interpretation.

User Account

All Pages