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In the accounting for forward exchange contracts, gains and losses are measured usind either spot or forward rates. Which of the following statements concerning measurement of gains and losses is true?
A. The gains or losses in a hedge on an exposed asset will use the spot rate for the asset and the forward rate for the forward contract.
B. The gains or losses in a speculative hedge will use the forward rate throughout the contract.
C. The gains or losses in a hedge on an identifiable commitment will use the spot rate for the commitment and the forward rate for the forward contract.
D. All of these statements are true.
Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
Identify and discuss the reasons why dividends are sometimes paid out even when the funds could be better reinvested in business or when firm has to tap outside sources to pay the dividends.
Which financial statement should be studied most closely to determine if a company has the ability to pay a significant debt?
She also has another 250 units in her van, ready to deliver per a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a retail store. How many units should Jenny include in her company's period-endin..
During the year Daniel's share of partnership income was $8,500, while he received distributions from the partnership of $4,000. Daniel's partner return on equity is:
1. Define and discuss the purpose and impact of Active Participation 2. Define and discuss the purpose and impact of Tax shelters 3. Define and discuss the purpose of "Fruit of the Tree"
How much gain is recognized by Nathan? What is the character of the gain? What are the tax consequences and alternatives to Michelle? Is there a difference if Ben sold his entire interest?
Generally, tax strategies operate in two time frames - now and later. " Now" refers to the twelve months of the current tax year. "Later" refers to the long-range tax strategies that benefit taxpayer future.
After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note ..
Discuss the effects that a drop in value of the U.S. dollar in relation to other currencies on the foreign exchange markets has on:
the "Dual Track" approach is a method of accounting used in government for the purposes of simplified reporting. What does it mean to run your accounts on the ‘Dual Track' approach?
Farah Snack Co. has earnings after taxes of $150,000. Interest expense for the year was $20,000; preferred dividends paid were $20,000; and common dividends paid were $30,000. Taxes were $22,500. The firm has 100,000 shares of common stock outstan..
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