rief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included is receivable for 435,000 local currency units (LCU) in its balance sheet at $152,500. When Brief collected the receivable on February 15, 2021, the S. dollar equivalent was $163,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain? Multiple Choice $0 $15,700
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- 3. On April 8, 2021, Company R purchased merchandise from an unaffiliated company for 10,000 units of the foreign company's local currency. Company R paid the bill in full on March 1, 2022 when the spot rate was $0.45. The spot rate was $0.60 on April 8, 2021, and was $0.55 on December 31, 2021. For the year ended December 31, 2022, how much gain should be reported by Company R? $1,500 $1,000 $500 O $0Following are the information on some transactions of Saint-Germain Ltd. in Paris, France, in 2019 (currency in EU euro, €): A. Pre-tax cash sales on April 2 totaled €256,000. The VAT rate is 20%.B. The annual property tax bill for 2019 of €12,000 is received on May 1. The property tax is paid in full on June 30 and is to be adjusted for accrued expense at year end. Saint-Germain has a calendar year end for its accounting and records adjusting entries annually.C. Saint-Germain’s gross salary amounts to €10,000 for the week ended July 11. Amounts deducted from the employees’ salaries are pension contribution of €495, employment insurance of €178, income tax of €3,465, and health insurance of €950. On July 11, cash is paid to the employees, less the payroll deduction amounts withheld.D. Accrued interest on December 31 (the company’s yearend) for a three-month, 6%, €10,000 bank loan effective December 1. Interest is payable on the first of each month.E. In November 2019, a customer sued…A.Yasoplc is a manufacture company and its financial year ended at 31st December 2019. Total assets are £40m and net profit before tax is £12m.Yasoplc’s trade receivables ledger includesa large number ofcustomers. The year-end trade receivables balance is £4m (comparable to £2m in 2018) and the allowance for trade receivables is £400,000 (comparable to £600,000 in 2018). •Describe substantive procedures the auditor should perform to obtainsufficientand appropriate audit evidence in relation toYasoplc’s trade receivables.
- Berlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKSOn January 1,2021, FPD Company’s Trade Loans and Receivable has an outstanding balance of P500,000. Below are the transactions in its Trade Loans and Receivable and other relate accounts during 2021: Total Sales including a 500,000 cash sales, P7,700,000. Account receivable written off, P500,000; Purchases on account, P7,800,000; Payments to creditors , P6,400,000; Purchase discounts, P520,000; Total sales returns, P50,000 of which P20,000 were sales on a cash basis; Amount received from credit customer, P4,900,00 (including a P40,000 recovery of 2020 write-off); Sales discount P80,000; Notes given to settle accounts, P500,000; Purchased returns, P140,000; Payments of notes, P200,000; Proceeds from collection on notes receivable including interest of P10,000. P370,000 Provision for future returns and discounts on outstanding receivables, P25,000. What is the amortized Cost of the Loans and Receivables on December 31, 2021? P2,255,000 P2,280,000 P2,295,000 P2,320,000Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 24,600 dinars, accounts receivable of 81,300 dinars, and land that cost 213,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 163,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 133,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 113,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow: April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 Positive 1 dinar $0.46 = 0.49 1 0.50 1 0.52 = 1 0.54 1 a. b. Remeasurement gain C. Translated value of land Remeasured value of land || || || a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is…
- Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 27,200 dinars, accounts receivable of 81,800 dinars, and land that cost 218,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 168,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 138,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 118,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow: April 1, 2019 $0.51 = 1 dinar January 1, 2020 0.54 = 1 May 1, 2020 0.55 = 1 June 1, 2020 0.57 = 1 December 31, 2020 0.59 = 1 Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is the subsidiary’s functional currency. What is the translation…Anama Company is a dealer of equipment. On January 1, 2021, the entity sold equipment in exchange for a noninterest-bearing note requiring 5 annual payments of P850,000. The first payment was made on December 31, 2021. The market rate for a similar note was 9%. The entity used 2 decimal places for the PV factor. How much is the carrying amount of the note receivable on December 31, 2021?The Company had the following information relating to its accounts receivable: · Accounts receivable, 12/31/2020- P780,000· Credit sales during 2021- P3,290,000· Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000· Accounts written off during 2021- P85,000· Collection of accounts written off in prior years- P20,000· Estimated uncollectible accounts per aging at 12/31/2021- P63,000 At December 31, 2021, The Company's accounts receivable before allowance for uncollectible accounts should be
- Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000 ADD EXPLANATION THANKSBerlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000Swaziland Company provided the following year-end data: 2021 2020 Accounts receivable P175,000 P129,000 Allowance for doubtful accounts -10,000 -15,000 Net realizable value P165,000 P114,000 Additional information: The entity reported doubtful accounts expense in 2021 of P18,000 and had products returned for credits totaling P9,600 at a sale price. The Gross sales for 2021 amounted to P1,375,000. The entity written-off P23,000 accounts during the year. How much was collected from customers during 2021?