User Account

All Pages

Record the Tank Corporation journal entries

Assignment Help Accounting Basics
Reference no: EM133136046

Question - Tank Corporation, a U.S. manufacturer, has a June 30 fiscal year end. Tank sold goods to their customer in Columbia on May 27, 2011 for 18,000,000 Columbian pesos. The customer agreed to pay pesos in 60 days. The customer paid Tank on July 26. The following exchange rates apply:

May 27 $0.00055

June 30 $0.00052

July 26 $0.00058

Required - Record the Tank Corporation journal entries (3 entries) related to the dates listed above.

Date

05/27/11 - to record the sale.

06/30/11 - to record the translation gain or loss on financial statement date.

07/26/11 - to record payment.

Reference no: EM133136046

Questions Cloud

What is the difference in operating income : Considering the five years in total, but ignoring time value of money and income taxes, what is the difference in operating income by replacing the old machine
Describing strengths and weaknesses during the interview : Take five minutes to CONSIDER what you know about job interviews. What questions would you expect to hear? What vocabulary would you predict would be important
Describe two critical factors in the organization : Assess the company's biggest success or missed opportunity to respond to a recent or current social issue. How did it impact company performance
Percentage of occupancy : Why do you think some facilities prefer to use bed turnover rates instead of the percentage of occupancy?
Record the Tank Corporation journal entries : Tank sold goods to their customer in Columbia on May 27, 2011 for 18,000,000 Columbian pesos. Record the Tank Corporation journal entries
Human resource information management systems : What is meant by 'human resource information management systems' (HRIMS)? Why are they necessary and important, give examples?
Avoiding direct quotes : On an assignment my teacher's feedback was, your similarity score is 56%, which is not acceptable. Please revise, ensure that you are paraphrasing, avoiding dir
How much interest expense will Company report : The annual payment (of interest and principle) was $1,425. In Year2, how much interest expense will Company report for this loan
Future of slavery change in the generation : How did the debates over the future of slavery change in the generation before the Civil War began in 1861?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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