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Houston Corporation operates a branch operation in a foreign country. Although this branch deals in pesos, the U.S. dollar is viewed as its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 400,000 pesos in cash and no other assets or liabilities. However, the branch immediately used 210,000 pesos to acquire equipment. On May 1, it purchased inventory costing 120,000 pesos for cash that it sold on July 1 for 140,000 pesos cash. The branch transferred 70,000 pesos to the parent on October 1 and recorded depreciation on the equipment of 21,000 pesos for the year. Currency exchange rates for 1 peso follow: January 1 $ 0.61 = 1 peso May 1 0.63 = 1 July 1 0.65 = 1 October 1 0.66 = 1 December 31 0.67 = 1 Average for the year 0.64 = 1 What is the remeasurement gain to be recognized in the consolidated income statement? $8,700. $8,400. $13,200. $10,950. ©2016 McGraw-Hill Education. All rights reserved.
A company plans to make 1 unit every 10 hours and the standard rate per hour is set at £9.- Calculate all the labour variances and discuss the possible reasons for them.
At the end of the current year, the following information is available for both pulaski company and scott company. Compute the debt to equity ratios for both companies
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are correct, except the cash balance at the end of the year.
During 2011maria made a direct withdrawal from her capital account amounting to 2600000and invested cash of 500000. Compute for the net income the partnership for 2011
Somewhat like last week, I think our discussion time would be better spent discussing the topic we are studying this week: the process cost system. Now that you understand the job order costs system, again compare the process cost system with what yo..
Despite the voluminous nature of the tax code, there are still questionable areas relating to deductibility of expenses and losses as well as claiming of tax credits. Discuss the two-step process for recognizing and measuring tax benefit of uncertain..
Compute the Current ratio, Inventory turnover, Receivables turnover, Book value per share, Earnings per share, Debt to total assets, Profit margin on sales and Return on common stock equity.
How has FASB clearly designated a fair value approach with regards to business combinations? Does this tendency extend into other areas of accounting? How do the international financial accounting concepts align with this shift?
The AR clerk them uses the payment stub to enter the payments into the computer where the AR master data is updated to record the payment.
he minimum cash balance desired is $10,000. What is the deficiency of cash before financing on August 30, 2015?
Is the company's inventory turning over at a satisfactory rate and why or why not? Does the company maintain an adequate level of inventory to meet customer demand?
Prepare the journal entry to record Hilarys bad debt expense - credit balance in the allowance for doubtful accounts is now €8600. Hilary Company's prior collection experience suggests
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