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Lancer, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in kuna (K), the local currency:
Sales K 200,000
Inventory (bought on 3/1/20) 100,000
Equipment (bought on 1/1/19) 60,000
Rent expense 12,000
Dividends (declared on 10/1/20) 22,000
Notes receivable (to be collected in 2023) 36,000
Accumulated depreciation—equipment 18,000
Salary payable 5,000
Depreciation expense 6,000
The following U.S.$ per kuna exchange rates are applicable:
January 1, 2019 $0.19
Average for 2019 0.20
January 1, 2020 0.24
March 1, 2020 0.25
October 1, 2020 0.27
December 31, 2020 0.28
Average for 2020 0.26
Lancer is preparing account balances to produce consolidated financial statements.
Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements?
Assuming that the U.S. dollar is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements?
(For all requirements, round your answers to 2 decimal places.)
Answers
The question is about what currency rates will be used if
Assuming Kuna is the functional currency preparing accounts in US$
Sales $769,230.77
Inventory $400,000
Equipment $315,789.47
Rent Expense $46,153.85
Dividends $81,481.48
Notes Receivable $138,461.54
Accumulated Depreciation - Equipment $69,230.77
Salary Payable $19,230.77
Depreciation Expense $23,076.72
If US$ is the functional currency, preparing accounts in Kuna
Sales K 200,000
Inventory K 100,000
Equipment K 60,000
Rent Expense K 12,000
Dividends K 22,000
Notes Receivable K 36,000
Accumulated Depreciation - Equipment K 18,000
Salary Payable K 5,000
Depreciation Expense K 6,000
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Answer:
a. Sales 0.26
Inventory 0.28 (12/31/20 rate)
Equipment 0.28 (12/31/20 rate)
Rent Exp 0.26
Dividends 0.27 (declared date 10/1/20)
Notes Receivable 0.28 (12/31/20 rate)
Acc. Depreciation-equipment 0.28 (12/31/20 rate)
salary payable 0.28 (12/31/20 rate)
Depreciation exp. 0.26
b. Sales 0.26
Inventory 0.25
Equipment 0.19
Rent Exp 0.26
Dividends 0.27
Notes Receivable 0.28
Acc. Depreciation-equipment 0.19
salary payable 0.28
Depreciation exp. 0.19
Explanation:
a. We utilized the weighted average exchange rate for 2020 bec. each revenue and expense would have been recognized evenly throughout the year. Inventory, Equipment, Notes Receivable, Acc. Depreciation & Salaries payable are translated at the exchange rate in effect at the date of accounting recognition 12/31/2020. Dividends is the only acct. translated to when date of declaration.
b. All rates are the same except Inventory, Equipment, Acc. Depreciation & Depreciation Exp, they are translated at the exchange rate during purchase.
Related Questions
Challenges of internship simulation workshop
Answers
Answer:
online payments
Explanation:
People often encounter different kinds of issues. Challenges of internship simulation workshop are:
It is difficult finding the right step and also the right talent.There is the issue of relocation, housing, and transportation issues.There is the challenge of understanding terms, finding right and fit wise talent.Difficulty in the level of comprehension among student.There is a an issue of small or the lack of awareness.What is an internship simulation workshop?This is a type of workshop that student are required to engage in. The workshop is know to be divided into modules.
It is aimed to expose students to the different realities of the world of work. This is done through simulations and scenario-based analysis where there is the application of concepts and theories which the student have learnt to practical situations.
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1. Give short introduction of the professions in public service sector.
Answers
Explanation:
#1 Listen to the team. ...
#2 Respect the chain of command. ...
#3 Get your hands dirty. ...
#4 Deliver on promised results. ...
#5 Resolve conflicts quickly. ...
#6 Value people. ...
Organizational cohesiveness. ...
Respect and trust.
Consumer A consumes gasoline Rmb 200 yuan while consumer B purchases 20 liters of gasoline every time. What are the price elasticities of these two consumers?
Answers
The price elasticity of these two buyers is different because consumer A only has 200 yuan and buys as much gasoline as can be with that money, while consumer B needs 20 liters regardless of its price.
The price elasticity of demand is a term that refers to the change in the quantity demanded of a good when its price changes. According to the above, the elasticity of the consumer A does vary because he only has 200 yuan to buy gasoline, so if the value of gasoline increases, he will be able to buy less gasoline.
On the other hand, consumer B does not have much interest in the value of gasoline because he needs 20 liters, that is, if the value increases or decreases, he will continue to buy the 20 liters regardless of its value.
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Brainliest if you answer help
Answers
Answer:
probably 2...............
Types of report writing.
Answers
Answer:
here are three examples
Explanation:
1. formal or informational reports
2. short or long reports
3.proposal reports
What is the most financially dangerous way to pay for college?
Scholarships
Cash
Credit cards
Federal student loans
Answers
Answer:
The most financially dangerous way to pay for college is Federal student loans since they have a large return rate. They are going to have to be paid back and most of the time you will pay more trying to pay off the loan than paying for the college.
Explanation:
Brian Wilson plans to invest in a rental property worth $250,000. He plans to hold the property for 6 years and expects to sell it for $280,000 at the end of the sixth year. He estimates that the average monthly net income from renting the property will be $3,450. His target return is 10%. Calculate the net present value of the investment.
Answers
Answer:
I do not know anything at all
Identify THREE factors you would take into account when scheduling an appointment for an executive who is travelling to Madrid next month.
Answers
1. The budget
2. The traveler's flight preferences
3. If the executive's passport is valid and will not be expiring in the near future.
how can we manage tour from Heathrow Airport to London?
Answers
Answer:
Heathrow Airport, originally called London Airport until 1966 and now known as London Heathrow, is a major international airport in London, England. With Gatwick, City, Luton, Stansted and Southend, it is one of six international airports serving the London region.
Explanation:
hope it's help
If Maverick Incorporated can reasonably estimate warranty costs as 2% of total monitor sales each year, what will the company need to do to account for the lifetime warranty in its financial statements
Answers
Answer:
Record it as a liability
Explanation:
If Maverick Incorporated can reasonably estimate warranty costs as 2% of total monitor sales each year, the company needs to record as per liability account for the lifetime warranty in its financial statements.
What is Liability?Accounts payable, wages and taxes are examples of current responsibilities, which are fully owed for continuing costs. Current obligations will also include costs on long-term debt due in the subsequent year.
Liabilities include things like -
a bank loan
a mortgage loan
Amount due to suppliers (accounts payable)
Settled wages
tax debt
Liabilities are listed on a corporation balance sheet. The entire number of liabilities must match the contrast between the total quantity of assets and the total quantity of equity, according to the accounting equation.
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What’s a good ship name for Ronica and Jaevin
Answers
NETWORK MARKETING IS ONE of the
most fun and rewarding businesses in the world, but eventually all network marketers are faced with certain widespread and universal challenges. No matter how long we participate in MLM and no matter how successful we become, there is always the possibility that we will be shot down temporarily by the most prevalent and dangerous weapon of all the Rejection Rocket. It can and will strike any time, rendering us virtually immobile, thus destroying our enthusiasm and excitement, which are essential qualities for success.
Rejection by Your Spouse
EVERYONE faces rejection in life, but what makes our form of rejection so very devastating is that it often comes from the very people we most love and respect: our spouse, our parents, our best friends and business associates. We are convinced that rejection causes more people to fail in MLM than any other factor, and often they fail literally before they ever begin because their approach is from the head, not the heart. Here’s the classic scenario.
Bob is at a transitional place in his life and open to a career change. He is receptive to listening to a new business concept. He goes to a network marketing meeting and for the first time everything makes sense. He may
CHAPTER 1
have considered working in this industry four or five times before, but he was never in a “change” mode during previous presentations. Now, because he’s about to be laid off, he has does Bob begin to see the wisdom in networking, but he actually finds himself enthusiastic about the earnings potential. Throughout the second half of the one-hour presentation he begins to make a mental list of the friends and associates whom he knows would be excellent at recruiting. Now lets look at two possible outcomes. Regardless of whether Bob actually signs up or not, he’s about to be attacked by the first adversary in this business. And unless the person conducting the presentation prepares Bob and the others for what is going to occur, by presenting certain facts at the end of the first recruiting interview, Bob is going to quit before he ever begins. Later, we’ll return to the particular details of this story, but first let’s see what happens to Bob once he leaves the presentation. In fact, we’ll examine several scenarios.
Because the timing is right in his life, Bob is excited. And because Bob knows several people who will be naturals at recruiting, he can hardly wait to break the news to them that he found the “ultimate opportunity”. If the person who introduced Bob to MLM is one of those folks who signs people up at the first interview,
Answers
Answer:
do whatever job you think it is
Explanation:
Answer:
I don't get what you are asking
Explanation:
Sullivan Equipment Sales showed the following.
2020
Jan. 15 Sold $25,200 of merchandise for $29,400 to JanCo; terms 3/5, n/15.
16 Wrote off Fedun’s account in the amount of $15,200.
20 Collected the amount owing from the January 15 sale.
Mar. 1 Accepted a $12,080, 60-day, 7% note dated this day in granting Parker Holdings a time extension on its pastdue account.
Apr. 15 Sold merchandise costing $62,200 for $71,400 to customers who used their Visa credit cards. Visa charges a 1% fee and deposits the cash electronically into the retailer’s account immediately at the time of sale.
? Parker Holdings honoured the note dated March 1.
Nov. 1
Accepted a $24,400, three-month, 6% note dated this day in granting Grant Company a time extension on its past-due account.
Dec. 31 Sullivan’s year-end. Interest was accrued on outstanding notes receivable.
31 Bad debts are based on an aging analysis that estimated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,620 on this date.
2021
? Grant Company dishonoured its note dated November 1, 2020.
Mar. 5 Recovered $1,500 from Derek Holston that was previously written off.
14 Wrote off the Grant Company account.
Required:
a. Determine the maturity dates of the March 1 and November 1 notes.
b. Prepare entries as appropriate for each date. (Round the final answers to 2 decimal places. Use 365 days an year.)
Sullivan’s receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Sullivan was favourable or unfavourable.
Answers
a. The maturity date of the March 1 note is April 29 and that of November 1 note is Jan. 29.
b. Journal Entries:
2020
Jan. 15 Debit Cost of goods sold $25,200
Credit Inventory $25,200
Debit Accounts Receivable (JanCo.) $29,400
Credit Sales Revenue $29,400
terms 3/5, n/15.
Jan. 16 Debit Allowance for Doubtful Accounts $15,200
Credit Accounts Receivable (Fedun) $15,200
Jan. 20 Debit Cash $28,518
Debit Cash Discounts $882
Credit Accounts Receivable (JanCo.) $29,400
Mar. 1 Debit Notes Receivable $12,080
Credit Accounts Receivable (Parker Holdings) $12,080
60-day, 7% note
Apr. 15 Debit Cost of goods sold $62,200
Inventory $62,200
Debit Cash from Visa $70,606
Debit Visa Card Expense $714
Credit Sales Revenue $71,400
April 29 Debit Cash $12,219
Credit Accounts Receivable (Parker Holdings) $12,080
Credit Interest Received $139
Nov. 1 Debit Notes Receivable $24,400
Credit Accounts Receivable (Grant Company) $24,400
three-month, 6% note
Dec. 31 Debit Interests Receivable $244.67
Credit Interest Income $244.67
($24,400 x 6% x 61/12)
Dec. 31 Debit Bad Debts Expense $9,700
Credit Allowance for Doubtful Accounts $9,700
2021
Jan. 29 Debit Accounts Receivable (Grant Company) $24,760.99
Credit Notes Receivable $24,400
Credit Interests Receivable (Grant Company) $244.67
Credit Interest Income $116.32
dishonoured its note dated November 1, 2020.
Mar. 5 Debit Accounts Receivable (Derek Holston) $1,500
Credit Allowance for Doubtful Accounts $1,500
Debit Cash $1,500
Credit Accounts Receivable (Derek Holston) $1,500
Mar. 14 Debit Allowance for Doubtful Accounts $24,760.99
Credit Accounts Receivable (Grant Company) $24,760.99
Data Analysis:
2020
Jan. 15 Cost of goods sold $25,200 Inventory $25,200 Accounts Receivable (JanCo.) $29,400 Sales Revenue $29,400 terms 3/5, n/15.
Jan. 16 Allowance for Doubtful Accounts $15,200 Accounts Receivable (Fedun) $15,200
Jan. 20 Cash $28,518 Cash Discounts $882 Accounts Receivable (JanCo.) $29,400
Mar. 1 Notes Receivable $12,080 Accounts Receivable (Parker Holdings) $12,080 60-day, 7% note
Apr. 15 Cost of goods sold $62,200 Inventory $62,200 Cash from Visa $70,606 Visa Card Expense $714 Sales Revenue $71,400
April 29 Cash $12,219 Accounts Receivable (Parker Holdings) $12,080 Interest Received $139
Nov. 1 Notes Receivable $24,400 Accounts Receivable (Grant Company) $24,400, three-month, 6% note
Dec. 31 Interests Receivable $244.67 Interest Income $244.67 ($24,400 x 6% x 61/12)
31 Bad Debts Expense $9,700 Allowance for Doubtful Accounts $9,700
Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,620 on this date.
2021
Jan. 29 Accounts Receivable (Grant Company) $24,760.99 Notes Receivable $24,400 Interests Receivable (Grant Company) $244.67 Interest Income $116.32
dishonoured its note dated November 1, 2020.
Mar. 5 Accounts Receivable (Derek Holston) $1,500 Allowance for Doubtful Accounts $1,500 Cash $1,500 Accounts Receivable (Derek Holston) $1,500
Mar. 14 Allowance for Doubtful Accounts $24,760.99 Accounts Receivable (Grant Company) $24,760.99
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If Dr Oz Sleep gives 10 off coupon on its mattresses then what's one of them's mattress price of purchase, The original price is $899?
Answers
Answer:
89.9$
Explanation:
I just do it?
also if wrong I am so sorry
The Washington Post Company's ownership structure. They have two classes of stock, one of which has super voting, meaning one class of shareholders has more say than the other class. Do you think this is a smart structure? What are the advantages and disadvantages of this structure?
Answers
I think two classes of stock is a smart structure.
Advantages of the two classes of stock
It protects the firm against a hostile takeoverIt gives management greater ability to make decisions.Disadvantages of the two classes of stock
Ordinary shareholders have a limited ability to effect changes in the firm.A dual share class structure is when there are two classes of stock: the owners and management have greater voting rights while the shareholders have a limited voting right. This structure prevents the firm against a hostile takeover.
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Which of the following might be part of a business case in favor of the mount lemmon fire district hiring employees with a broader range of ages
Answers
The option that demonstrates a business case in favor of the Mount Lemmon fire district hiring employees with a broader range of ages is: Firefighters who are older might also have more valuable experience.
A business case that favors an entity is one that is beneficial to the growth of the business.
When a business decides to hire individuals from a younger age bracket to an older age bracket, they are doing this not just to suit the law but to also benefit themselves. If the older firefighters have more experience on the job, then they have more capable hands to help their business.So, hiring older firefighters with more experience might be a purpose of hiring employees with a broader age range.
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If your main focus is to be able to buy or sell an investment quickly without substantially affecting the investment's value, you are most concerned with a. Income b. Growth c. Liquidity d. Business failure risk e. Market risk
Answers
Answer:
C. Liquidity
Explanation:
If a product has an inelastic demand, then
a. demand shifts to the right for an inferior product.
b. the quantity demanded at any price will decrease.
c. the demand for substitute products will decrease.
d. consumers will move toward a new equilibrium in the quantities of products purchased.
e. the marginal utility of normal products will increase.
Answers
a. demand shifts to the right for an inferior product.
Jake nickells crowdsourcing approach to his business initially kept the business finances under control in all of the following ways except
Answers
Answer:
It eliminated the need for fixed costs.
Explanation:
Jake Nickells crowdsourcing approach to his business initially kept the business finances under control in all of the following ways except that it eliminated the need for a fixed cost.
Crowdsourcing simply means a sourcing model where individuals or organizations obtain goods or services from a large group of participants.
It should be noted that Jake Nickells crowdsourcing approach to his business initially kept the business finances under control as it enabled bulk printing, eliminated the need to hire employees, etc. It should be noted that it didn't eliminate the need for a fixed cost.
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1 - At the Montell Company, functions are divided into areas of specialization such as production, marketing, accounting, and finance. This type of organization reflects Fayol's principle of: A. division of labour. B. equity. C. unity of command. D. hierarchy of authority. to describe middle managers whose job was to implement the 2 - Max Weber used the term orders of top management: A. management B. autocrats C. staff personnel D. bureaucrats
Answers
At the Montell Company, since the functions are divided into areas of specialization such as production, marketing, accounting, and finance, it reflects Fayol's principle of division of labor.
Max Weber used the term bureaucrats to describe middle managers. Their job is usually to implement the orders that they get from top management.
It should be noted that division of labor is when the roles that'll be performed in an organization are divided into various departments. This is done in order to make the job easier and faster.
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How does the Army Corps of Engineers affect agriculture?
A.
They oversee safety standards.
B.
They develop new pesticides.
C.
They develop new machinery.
D.
They oversee some waterways.
Answers
Answer:
D. They oversee some waterways.
Suppose you are the owner of a firm producing jelly beans. Your production costs are shown in the following table. Initially, you produce 100 boxes of jelly beans per time period. Then a new customer calls and places an order for an additional box of jelly beans, requiring you to increase your output to 101 boxes. She offers you $1.50 for the additional box. Should you produce it? Why or why not?
Answers
Answer:
we cant say beacause we dont know average variable cost.
Explanation:
Since we don't know the typical variable cost, we are unable to say.
What is the cost?A cost is the amount of money that has been spent to produce something or provide a service and is thus no longer accessible for use. In business, the cost could be one of acquisition, in which case the money spent to obtain it is recognized as cost. In this situation, money is the input that is used to purchase the item.
The owner of a firm producing jelly beans. Your production costs are shown in the following table. Initially, you produce 100 boxes of jelly beans per time period. Then a new customer calls and places an order for an additional box of jelly beans, Since we don't know the typical variable cost, we are unable to say.
Therefore, Typical variable cost, we are unable to say.
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In property and casualty insurance the combined ratio is equal to ______________________ divided by total premiums written. the sum of the loss ratio plus loss adjustment expenses
Answers
The formula for deriving the combined ratio is {(Sum of the loss ratio + General expenses + broker's commissions) / Total premiums written].
In insurance, the combined ratio is used to measure the profitability of an insurance company in terms of its daily underwriting business.
The formula for deriving the combined ratio is {(Sum of the loss ratio + General expenses + broker's commissions) / Total premiums written]In conclusion, the combined ratio helps to evaluate the insurance company's profitability and financial health through measurement of its day-to-day performance.
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Fireplace Service company provides fireplace cleaning services and has variable costs of $100 per fireplace cleaning and revenue of $250. Their contribution margin is $_____.
Answers
Based on the cleaning and revenue costs, we can calculate that the contribution margin is $150
The contribution margin refers to the amount left from revenue after variable costs are removed.
Contribution margin = Revenue - Variable costs
The contribution margin here is therefore:
= 250 - 100
= $150
In conclusion, the contribution margin is $150.
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You see on a commercial that OrangeCo is offering a credit card with a 5% cashback program for all cardholders. Which question might help you evaluate how good this offer is?
A.) Does the cashback program apply to all purchases or only specific types of purchases like gas and groceries?
B.) Can I get a debit card along with a new credit card?
C.) Who does OrangeCo use as their spokesperson in the commercial?
D.) Do I still get the cash back even when I return my purchases to the store?
Answers
An excellent question to determine how good the offer is, is A.) Does the cashback program apply to all purchases or only specific types of purchases like gas and groceries?
When checking how good an offer is, some important things to find out are:
How extensive is the offer How much does the offer result in you saving Who does the offer apply toThe question in option A reflects the extensiveness of the offer and so it is a great question to ask when assessing the offer as it would show just which products can be purchased.
In conclusion, option A is correct.
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An important part of dashboard design is ensuring that charts, graphs, and other visual elements are cohesive. This means that they are _____ and make good use of available space.
Answers
An important part of dashboard design is ensuring that charts, graphs, and other visual elements are cohesive. This means that they are balanced and make good use of available space.
A dashboard simply means a visual display of the vital information needed in order to achieve a given objective. It should be noted that dashboards are important as they influence the behavior of a user and boost retention rates.
An important part of dashboard design is ensuring that charts, graphs, and other visual elements are cohesive. Therefore, cohesiveness simply means that they are balanced and make good use of available space.
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How does Lexie’s current interview technique limit her effectiveness as an interviewer
Answers
Interviews often takes different forms. Lexie's current interview technique limits her effectiveness as an interviewer as the wide latitude of these nondirective interviews can result in low reliability and often poor validity.
Interviewing is simply the process whereby individuals do exchange information. The individuals is often interested with a job opening, a promotion, a special assignment etc.
Interviewing in some of business setting do takes place in an atmosphere that is filled with a sense of urgency as the time allocated to the interview is little.
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Amy convenes a meeting to rethink the organizational structure to avoid being beat to the market by a competitor again. Based on your initial impressions of the situation, which solution do you think might be more effective: increase formalization or reduce hierarchy
Answers
Amy should reduce hierarchy if she wants to avoid being beaten by competitors.
A reduction of hierarchy will realign the company to achieve its goals faster than operating with a formalized hierarchy. This restructuring or delayering is known as empowerment.
The advantages that Amy will achieve by delayering or reducing hierarchy include:
Simplifying the organization's management structuresReducing its bureaucracyCutting its communication pathsSpeeding up decision-makingPushing responsibility down to lower organizational levels (through empowerment).
Thus, Amy should rethink the organizational structure by reducing the hierarchy, making the decision-making process accessible.
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Which of the following statements pertain to a joint venture and not to a partnership business arrangement?
I.It has a limited purpose
II.It is a business relationship between several entities
III.Involves the sharing of gross returns rather than profits
IV.Each person or entity involved is liable only for an agreed-upon portion of the liabilities
V.Allows for the right of each person or entity involved to dispose of any interest in the property subject to the agreement
Review Later
I, III, IV and V only
II and III only
I, II, III, IV and V
I and II only
Answers
The statements that pertain to a joint venture and not to a partnership business arrangement are: I and II only.
A joint venture is a business arrangement that is entered into by two or more business entities who pool resources together to venture into a business where resources will be shared.
This is different from a partnership that involves two or more people who decide to run a combined business.
So, the major difference between these two is that joint ventures are mainly entered because of a particular project.
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Fariq purchases and places in service in 2020 personal property costing $2,611,000. The taxpayer plans to apply the Sec. 179 deduction, but not bonus depreciation. What is the maximum Sec. 179 deduction that Fariq can deduct, ignoring any taxable income limitation
Answers
The maximum deduction that Fariq can deduct is $1,019,000
Solution
In the year 2020, the Sec 179 deduction expense is given as 1040000 dollars. This the deduction expense given that the qualifying personal property has a worth that is greater than 2590000 dollars.
Then the phase out would be the difference between the amount of investment and property cost
Phase out = 2611000 - 2590000
= 21000 dollars
Maximum Sec. 179 deduction = $1,040,000 - 21000
= $1,019,000
The maximum deduction that Fariq can deduct is therefore $1,019,000
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