On October 1, 2016 USA Company sold some chairs to Mexico Company for 500,000 pesos when the
Question:
On October 2nd, USA enters into a forward contract when the 6 month forward price was 1 peso = .09 cents Use 12% for interest
On December 31, the peso is worth 8 cents the 3 month forward rate is 1 peso = 7 cents
On April 1, the peso is worth 11 cents and Mexico Company pays its bill
REQUIRED:
Make all the necessary journal entries for USA Company in 2016 and 2017 Remember, USA entered into a covered forward contract on October 2nd
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
Journal entries Date Account title Debit Credit October 1 2016 Accounts receivables Sales ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
On September 1, 2011, Ramus Company purchased machine parts from Ho Man Tin Company for 6,000,000 Hong Kong dollars to be paid on January 1, 2012. The exchange rate on September 1 is HK$7.7 = $1. On...
-
On September 1, 2008, Ramus Company purchased machine parts from Ho Man Tin Company for 6,000,000 Hong Kong dollars to be paid on January 1, 2009. The exchange rate on September 1 is HK$7.7 = $1. On...
-
On September 1, 2015, Ramus Company purchased machine parts from Ho Man Tin Company for 6,000,000 Hong Kong dollars to be paid on January 1, 2016. The exchange rate on September 1 is HK$7.7 = $1. On...
-
Consider a situation where the marginal damage function is known and equal to D'(E)= d.E. The aggregate marginal abatement cost curve is given by -C'(E)=-bE where is random variable uniformly...
-
Trevor Company completed a program of expansion and improvement of its plant during 2011. You are provided with the following information concerning its buildings account: (a) On October 31, 2011, a...
-
Following are several account balances taken from the records of Karson and Reilly as of December 31, 2018. A few asset accounts have been omitted here. All revenues, expenses, and dividend...
-
Great Wall Chinese Cuisine had \($93,000\) of total assets and \($31,000\) of total stock holders equity at May 31,2010. At May 31, 2011, Great Wall Chinese Cuisine had assets totaling \($147,000\)...
-
Mark Decker has identified four stocks for his portfolio, and he wants to determine the percentage of his total available funds he should invest in each stock. The alternative stocks include an...
-
Analyze the relationship between global entrepreneurship and innovation within organizations. The Analysis should include the following: 1. The implications of this relationship for individuals and...
-
Stacy Ennis eats lunch at a local restaurant two or three times a week. In selecting a restaurant on a typical workday, Stacy uses three criteria. First is to minimize the amount of travel time,...
-
Big Dog Company, a manufacturer of dog food, produces its product in 1,000-bag batches. The standard cost of each batch consists of 6,000 pounds of direct materials at $0.30 per pound, 48 direct...
-
Clinton and Schultz are equal partners in DEMO partnership and they have the following balance sheet: Assets....................................$500,000 Liabilities............................
-
What specific methods of selecting and compensating employees do you think a small business should use?
-
Desmond died on 18 July 2017, having made no transfers in the previous seven years. He left his entire estate to his wife Emily, including the family home valued at 420,000. Emily died on 9 May 2018...
-
Calculate the CGT payable in relation to each of the following disposals, assuming in each case that the annual exemption is fully utilised against other gains, that there are no allowable losses and...
-
In October 2017 Keith sells an antique cabinet for 7,200. He incurs incidental costs of disposal amounting to 200. The cabinet cost Keith 2,300 in July 2009 . Compute the chargeable gain.
-
In October 2007 , Matthew bought a piece of rare porcelain for 10,000. The porcelain was damaged in early 2013 and in March of that year Matthew spent 3,850 on restoration work. In July 201 3,...
-
Suzanne acquired the following ordinary shares in Quarine plc: Date 2 October 1979 10 January 1981 5 December 2001 8 November 2008 24 July 2017 10 August 2017 20 August 2017 31 August 2017 No of...
-
In stable air, the air temperature drops about 3.6F for each 1,000-foot rise in altitude. (A) If the temperature at sea level is 70F, write a linear equation that expresses temperature T in terms of...
-
Question 6.10 Current and deferred tax worksheets and tax entries From the hip Ltd?s statement of profit or loss for the year ended 30 June 2007 and extracts from its statements of financial position...
-
Nickel is face-centred cubic with a unit cell of side 352 pm. What is the number of atoms per square centimeter exposed on a surface formed by (a) (100), (b) (110), (c) (11l) planes? Calculate the...
-
The data for the adsorption of ammonia on barium fluoride are reported below. Confirm that they fit a BET isotherm and find values of C and Vman' (a) 0= 0C, p* =429.6 kPa: p/kPa Vicm 106.4 16.5 14.0...
-
The adsorption of solutes on solids from liquids often follows a Freundlich isotherm. Check the applicability of this isotherm to the following data for the adsorption of acetic acid on charcoal at...
-
Identify at least one way in which your writing skills have improved this semester and reflect on how you might use this skill in your career. You can include research, presentation, and report...
-
1 . ( a ) If the Layala Corporation has 1 3 per cent ROE and a 2 0 per cent payout ratio, what is its sustainable growth rate? ( b ) If the management decides to distribute the entire earnings to...
-
Cinemas sometimes give senior citizens discounts. What is the possible privately motivated purpose for them to do so ?
Study smarter with the SolutionInn App