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CPA skills Foreign Currency Transactions and Hedging Foreign Exchange Risk 433 EXCEL CASE-DETERMINE FOREIGN EXCHANGE GAINS AND LOSSES Import/Export Company, a U.S. company, made a number of import purchases and export sales denom- inated in foreign currency in 2008. Information related to these transactions is summarized in the fol- lowing table. The company made each purchase or sale on the date in the Transaction Date column and made payment in foreign currency or received payment on the date in the Settlement Date column. Foreign Currency Brazilian real (BRL) Swiss franc (CHF) Swiss franc (CHF) Euro Euro South African rand (ZAR) Chinese yuan (CNY) South Korean won (KRW) Type of Transaction Import purchase Export sale Import purchase Export sale Export sale Export sale Import purchase Import purchase Required Amount in Foreign Currency (89,000) 56,700 (50,600) 32,250 32,250 402,000 (360,000) (47,300,000) Transaction Date 1/1/2008 1/1/2008 4/1/2008 4/1/2008 4/1/2008 4/1/2008 2/1/2008 2/1/2008 Settlement Date 5/1/2008 4/1/2008 10/1/2008 7/1/2008 9/1/2008 8/1/2008 8/1/2008 8/1/2008 1. Create an electronic spreadsheet with the information from the preceding table. Label columns as follows: Foreign Currency Type of Transaction Amount in Foreign Currency Transaction Date Exchange Rate at Transaction Date $ Value at Transaction Date Settlement Date Exchange Rate at Settlement Date $ Value at Settlement Date Foreign Exchange Gain (Loss) 2. Use historical exchange rate information available on the Internet at www.x-rates.com, Historic Lookup, to find the 2008 exchange rates between the U.S. dollar and each foreign currency on the relevant transaction and settlement dates. 3. Complete the electronic spreadsheet to determine the foreign exchange gain (loss) on each transac- tion. Determine the total net foreign exchange gain (loss) reported in Import/Export Company's 2008 income statement.
Carlson Corp. reported the following pretax accounting income and taxable income for its first three years of operations:
At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. Owners' equity at the end of the year totaled:
Discuss how the following affect the break-even point: increase or decrease in unit sales price, increase or decrease in variable cost per unit, increase or decrease in fixed costs.
Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.
Which of the following Method is suitable for computing the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?
Using the high low method, calculate the variable cost per student day and the fixed cost per two-week period for cleaning supplies.
Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?
Assuming that the directors decide to declare total dividends in the amount of $382,508, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock.
In 1991, Barbara purchased a single life annuity for $250,000 that would pay her $25,000 per year for life beginning in 2002. Barbara's life expectancy from 2002 forward on which the payments were based is 25 years.
Amortization of excesses in periods subsequent to the purchase would affect which sections of a cash flow statement?
During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period..
kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000.
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