a. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts receivable as of December31, 2017? c. How much is the ForEx gain or (Loss) on March 2, 2018? d. How much is the Net ForEx gain or loss?
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- The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd., the consignee, for the month of June 2023. Wang uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Ren to Wang and a net payment is made. The agreement stipulates that Ren is to receive a 15% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses. June 1 June 5 June 30 June 30 (a) Wang ships merchandise costing $455,000 on consignment to Ren Stores. Wang pays the freight of $5,000 for the above shipment of June 1. Summary entry for the month of June: Ren sells half of the merchandise for $600,000 cash. Ren notifies Wang that 50% of the merchandise has been sold for $600,000 and remits a cheque for the amount due under the consignment agreement. Wang records the receipt of the cheque from Ren. Prepare the journal entries necessary on the books of Wang. (Credit account…On April 4, 2017, Conrado Uberita Beauty Products delivered to Pakistan firm inventory if soldfor 100,000 rupees. Payment is due to be received on August 2, 2017. The company’s fiscal yearends June 30. Also on April 4, Condrado Uberita Beauty Products entered into a foreignexchange forward to sell 100,000 rupees on August 2, 2017. 04/04/2017 06/30/17 08/02/2017 Spot Rate (Rupee) 0.80 0.84 0.82 Forward Rate (Rupee) 0.77 0.83 0.82 The fair value of forward contract August 2 2017?Esposito is an Italian subsidiary of a U.S. company. Esposito’s ending inventory is valued at the average cost for the last quarter of the year. The following account balances are available for Esposito for 2021: Beginning inventory € 20,000 Purchases € 400,000 Ending inventory € 15,000 Relevant exchange rates follow: 4th quarter average, 2020 $ 0.93 = € 1 December 31, 2020 0.94 = € 1 Average for 2021 0.96 = € 1 4th quarter average, 2021 0.99 = € 1 December 31, 2021 1.01 = € 1 Compute the cost of goods sold for 2021 in U.S. dollars using the temporal method.
- On October 1, Year 7 Durian Co. of Quebec, ordered merchandise from MAGA Co. of US. The purchase price was determined to be $500,000 US. The merchandise was to be delivered on February 28th, Year 8 with payment due on delivery. On October 1, Year 7 Durian arranged a forward contract to purchase $500,000 US on February 28th, Year 8 at a rate of US 1 = $1.31. The merchandise was delivered on February 28th, Year 8, Durian purchased the US dollars from the bank and paid MAGA Co. Durian’s year-end is December 31st. Date Spot rate Forward rate October 1, Year 7 US 1 = $1.23 US 1 = $1.31 December 31, Year 7 US 1 = $1.21 US 1 = $1.33 February 28, Year 8 US 1 = $1.28 US 1 = $1.28 Required Assume the forward contract is designated as i) FV hedge ii) Cash Flow hedge iii) No hedge Prepare all JEsGAF manufactures electrical cells at its St. Louis facility. The company’s fiscal year-end is September 30. It has adopted the perpetual inventory cost flow method to control inventory costs. The company entered into the following transactions during the month of September. All exchange rates are direct quotations. Date Transaction BillingAmount Rate ofExchange 2014 Sept. 5 Exported 10 electrical cells to a companylocated in Argentina. Cost per unit, $1,140. 17,504 pesos $1.1291 9 Received raw materials ordered from a Britishcompany. The goods were shipped FOBdestination and had not been recorded on thebooks of GAF, Inc. 12,288 Pounds 1.6821 14 Exported 12 electrical cells to a companydomiciled in Norway. Cost per unit, $1,160. 161,303 Krone 0.1450 30 End of fiscal year-end. Peso 1.1091 British pound 1.6911 Krone 0.1530 Date Transaction…GAF manufactures electrical cells at its St. Louis facility. The company’s fiscal year-end is September 30. It has adopted the perpetual inventory cost flow method to control inventory costs. The company entered into the following transactions during the month of September. All exchange rates are direct quotations. Date Transaction BillingAmount Rate ofExchange 2014 Sept. 5 Exported 10 electrical cells to a companylocated in Argentina. Cost per unit, $1,140. 17,504 pesos $1.1291 9 Received raw materials ordered from a Britishcompany. The goods were shipped FOBdestination and had not been recorded on thebooks of GAF, Inc. 12,288 Pounds 1.6821 14 Exported 12 electrical cells to a companydomiciled in Norway. Cost per unit, $1,160. 161,303 Krone 0.1450 30 End of fiscal year-end. Peso 1.1091 British pound 1.6911 Krone 0.1530 Date Transaction…
- Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?. Stark, Inc., placed anorder for inventory costing 500,000 FC with a foreign vendor on April 15 when the spot ratewas 1 FC ¼ $0.683. Stark received the goods on May 1 when the spot rate was 1 FC ¼ $0.687.Also on May 1, Stark entered into a 90-day forward contract to purchase 500,000 FC at a forward rate of 1 FC ¼ $0.693. Payment was made to the foreign vendor on August 1 when thespot rate was 1 FC ¼ $0.696. Stark has a June 30 year-end. On that date, the spot rate was1 FC ¼ $0.691, and the forward rate on the contract was 1 FC ¼ $0.695. Changes in thecurrent value of the forward contract are measured as the present value of the changes in theforward rates over time and no separate accounting is given the time value of the contract. Therelevant discount rate is 6%.1. Prepare all relevant journal entries suggested by the above facts assuming that the hedge isdesignated as a fair value hedge.2. Prepare a partial income statement and balance sheet as of the company’s June 30 year-endthat…On March 19, 2022, FDN Company purchased merchandise from ABC Company for P90,000 invoice price, on terms 20% down payment before shipping, balance 3/15 n/30, FOB Destination Point. On March 22, FDN Company received a debit memo for merchandise purchased with manufacturing defect amounting to P5,000. The cost of shipping is P10,000. On March 22, FDN Company made partial payment of P40,000 and the remaining balance was paid in full on March 31. How much is the cash payment on March 31?
- Stark, Inc., placed an order for inventory costing 500,000 FC with a foreign vendor on April 15 when the spot rate was 1 FC = $0.683. Stark received the goods on May 1 when the spot rate was 1 FC = $0.687. Also on May 1, Stark entered into a 90-day forward contract to purchase 500,000 FC at a forward rate of 1 FC = $0.693. Payment was made to the foreign vendor on August 1 when the spot rate was 1 FC = $0.696. Stark has a June 30 year-end. On that date, the spot rate was 1 FC = $0.691, and the forward rate on the contract was 1 FC = $0.695. Changes in the current value of the forward contract are measured as the present value of the changes in the forward rates over time and no separate accounting is given the time value of the contract. The relevant discount rate is 6%.1. Prepare all relevant journal entries suggested by the above facts assuming that the hedge is designated as a fair value hedge.2. Prepare a partial income statement and balance sheet as of the company’s June 30…Swagt Co. purchased inventory from a Japanese company on December 18, 2020. Payment of 4,000.000 yen () was due on January 18, 2021. Exchange rates tetwn the dur nd the yen were as follows Date Exchange Rate December 18, 2020 1 S0 0066 December 31, 2020 1 S0.0071 January 18, 2021 1 - $0.0075 Required: Prepare all jourmal entries for Swagt Co. in connection with the purchase and payment.ABC Company sold Euro 80 of goods to XYZ Company on credit on May 1. Terms were 20/5, n/60. PART A The accounting period of the company coincides with the calendar year. In this section, please assume XYZ paid the balance due on May 4. In light of this, net sales reported on ABC's income statement are Euro...... Place your answer here: PART B In this section, please assume XYZ returned on May 2, Euro 5 of defective goods, and then paid the outstanding balance due on May 16. In light of this, net sales reported on ABC's income statement are Euro... Place your answer here: