Question: Leigh of new york sells its products to customers in
Leigh of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2009, Leigh sold merchandise on credit to Berton Ltd. of London at a price of 20,000 pounds. The exchange rate on that day for £1 was $2.0325. On December 31, 2009, when Leigh prepared its financial statements, the rate was £1 for $2.0292. Berton paid its bill in full on January 15, 2010, at which time the exchange rate was £1 for $2.0340. Leigh immediately exchanged the 20,000 pounds for U.S. dollars. Prepare Leigh’s journal entries on December 16, December 31, and January 15 (round to the nearest dollar).
Answer to relevant QuestionsRefer to RadioShack’s financial statements in Appendix A to compute its equity ratio as of December 31, 2008 and 2007. Key figures for Best Buy and RadioShack follow. Required 1. Compute common-size percents for each of the companies using the data provided. (Round percents to one decimal.) 2. Which company retains a higher portion of ...On May 8, 2009, Jett Company (a U.S. company) made a credit sale to Munoz (a Mexican company). The terms of the sale required Munoz to pay 850,000 pesos on February 10, 2010. Jett prepares quarterly financial statements on ...Selk Steel Co., which began operations on January 4, 2009, had the following subsequent transactions and events in its long-term investments. 2009 Jan. 5 Selk purchased 50,000 shares (20% of total) of Wulf’s common stock ...Kitna, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2009 and 2010. 2009 May 26 Sold merchandise for 5.5 million yen to Fuji Company of Japan, payment in full to ...
Post your question