Assume that the won is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? Multiple Choice Marketable equity securities = $46,000 and Inventory = $46,00. Marketable equity securities = $49,000 and Inventory = $46,000. Marketable equity securities = $47,000 and Inventory = $47,000. Marketable equity securities = $49,000 and Inventory = $49,000.
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- Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange January 1, 2017 . . . . . $0.15 = 1 wonApril 1, 2017 . . . . . . . . . 0.16 = 1June 1, 2017 . . . . . . . . . 0.17 = 1December 31, 2017 . . . 0.19 = 1Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? Choose the correct.a. Marketable equity securities = $16,000 and Inventory = $16,000.b. Marketable equity securities = $17,000 and Inventory = $17,000.c. Marketable equity securities = $19,000 and Inventory = $16,000.d. Marketable equity securities = $19,000 and Inventory = $19,000.Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange January 1, 2017 . . . . . $0.15 = 1 wonApril 1, 2017 . . . . . . . . . 0.16 = 1June 1, 2017 . . . . . . . . . 0.17 = 1December 31, 2017 . . . 0.19 = 1 Assume that the won is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? Choose the correct.a. Marketable equity securities = $16,000 and Inventory = $16,000.b. Marketable equity securities = $17,000 and Inventory = $17,000.c. Marketable equity securities = $19,000 and Inventory = $16,000.d. Marketable equity securities = $19,000 and Inventory = $19,000.Emerald Corporation subsidiary buys marketable equity securities and inventory on April 1, 2015, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-market rule. Currency exchange rates for 1 FC follow:January 1, 2016 P 0.15 = 1 FCApril 1, 2016 0.16 = 1June 1, 2016 0.17 = 1December 31, 2016 0.19 = 1 Assume that the peso is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017?A. Marketable equity securities = P 16,000 and Inventory = P 16,000.B. Marketable equity securities = P 17,000 and Inventory = P 17,000.C. Marketable equity securities = P 19,000 and Inventory = P 16,000.D. Marketable equity securities = P 19,000 and Inventory = P 19,000.
- A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow: January 1, 2017 $ .33 = 1 won April 1, 2017 .34 = 1 June 1, 2017 .35 = 1 December 31, 2017 .37 = 1 1. Assume that the won is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017?Marketable equity securities = $37,000 and Inventory = $37,000.Marketable equity securities = $34,000 and Inventory = $34,000.Marketable equity securities = $35,000 and Inventory = $35,000.Marketable equity securities = $37,000 and Inventory = $34,000. 2. Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017?Marketable equity…A Katz Corporation subsidiary buys marketable equity securities and inventory on April 1, 2024, for 100,000 won each. It pays for both items on June 1, 2024, and they are still on hand at year-end. Inven- tory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates in 2024 follow: January 1 April 1 June 1 December 31 ...... $0.15 1 won 0.16 = 1 0.17 = 1 0.19 = 1 10. Assume that the won is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2024? a. Marketable equity securities = $16,000 and Inventory = $16,000 b. Marketable equity securities = $17,000 and Inventory = $17,000 c. Marketable equity securities = $19,000 and Inventory = $16,000 d. Marketable equity securities = $19,000 and Inventory = $19,000 11. Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consoli- dated balance sheet report as of December 31, 2024? a. Marketable equity securities =…Problems 10 and 11 are based on the following information.A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow:Assume that the won is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017?a. Marketable equity securities = $16,000 and Inventory = $16,000.b. Marketable equity securities = $17,000 and Inventory = $17,000.c. Marketable equity securities = $19,000 and Inventory = $16,000.d. Marketable equity securities = $19,000 and Inventory = $19,000.
- Problems 10 and 11 are based on the following information.A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow:Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2017?a. Marketable equity securities = $16,000 and Inventory = $16,000.b. Marketable equity securities = $17,000 and Inventory = $17,000.c. Marketable equity securities = $19,000 and Inventory = $16,000.d. Marketable equity securities = $19,000 and Inventory = $19,000.Hello, please help with letter a. Thank you 1) ABC Corp has Accounts Receivable of FC 400,000 and Accounts Payable FC 300,000 on both March 31 and April 30, 2010. The applicable exchange rates at that date were as follows: March 30 April 30 Spot rate 1FC = .35 US 1FC = .37 US Forward rate(1 month). 1FC= .36 US. 1FC= .39 US a) What is the FX transaction gain or loss on Accounts REeceivable on April 30, 2010? b) What is the FX transaction gain or loss on Accounts Payable on April 30, 2010? c) If on March 31, ABC wishes to hedge its exposure to changing exchange rates what is the appropriate action it will take. Answer by saying whether ABC will enter a spot contract or forward contract and say whether the contract will involve purchasing FC and selling US dollars, or purchasing US dollards and selling FC and specify the appropriate exchange…1 - Enterprise A's FX safe balance is 1000 $ and the registered exchange rate is 4.60 TL. The entity made a year-end valuation. Since the announced rate is 4.70 TL, what is the registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 100 646 Foreign Exchange Profit 100 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 01 TL Case 100 646 Foreign Exchange Profit 100C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 1100 646 Foreign Exchange Profit 1100D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 01 TL Cash 1100 646 Foreign Exchange Profit 1100E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 656 Foreign Exchange Loss 100 100 02 Dollars Case 100
- Cassowary Corporation’s balance sheet at December 31, 2016 included a $20,400 account receivable from Quail Corporation of Australia. The account receivable is denominated as 30,000 Australian dollars (A$). Assuming no entries have been made since 12/31/2016, what single entry should Cassowary make on January 16, 2017 when the account receivable is collected and the exchange rate for A$ is $.67? Select one: a. Cash (fc) 20,100 Accounts Receivable (fc) 20,100 b. Cash (fc) 20,100 Exchange Loss 300 Accounts Receivable (fc) 20,400 c. Cash (fc) 20,400 Accounts Receivable (fc) 20,400 d. Cash (fc) 20,700 Accounts Receivable (fc) 20,400 Exchange Gain 300Rabato Corporation acquired merchandise on account from foreign supplier on November 1, 2015, for 60,000 LCU (local currency units). It paid the foreign currency account payable on January 15, 2016. The following exchange rates for 1 LCU are known: December 1, 2015 $0.345, December 31, 2015 $0.333 and January 1, 2016 $0.359. How does the fluctuation in exchange rates affect Rabato's 2015 income statement? How does the fluctuation in exchange rates affect Rabato's 2016 income statement?Honesty Company purchased merchandise worth a total of 100,000 foreign currency on April 1, 2022 from its foreign supplier, payable within 30 days. On April 30, 2022, Honesty paid the note. The following information of spot rates is provided (see image below). Answer the following subquestion(s): a. How much is the foreign exchange gain (loss)? _________________