On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Additional Information Debit SFr 7,000 20,000 Credit 5,000 25,000 100,000 SFr 10,000 12,000 50,000 60,000 150,000 70,000 10,000 30,000 15,000 SFr 282,000 SFr 282,000 1. The receivable from Popular Creek Corporation is denominated in Swiss francs. Popular Creek's books show a $3,650 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1. 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: SFr 1 = $ 0.80 January 1 March 1 SFr 1 = $ 0.77 November 1 SFr 1 = $ 0.74 December 31 SFr 1 = $ 0.73 20X1 average SFr 1 = $ 0.75 6. The Swiss franc is the functional currency. Required: a. Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. Note: If no adjustment is needed, select 'No entry necessary'. Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars $ 0 $ 0 $ 0 $ 0 On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Additional Information Debit SFr 7,000 20,000 Credit 5,000 25,000 100,000 SFr 10,000 12,000 50,000 60,000 150,000 70,000 10,000 30,000 15,000 SFr 282,000 SFr 282,000 1. The receivable from Popular Creek Corporation is denominated in Swiss francs. Popular Creek's books show a $3,650 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1. 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: SFr 1 = $ 0.80 January 1 March 1 SFr 1 = $ 0.77 November 1 SFr 1 = $ 0.74 December 31 SFr 1 = $ 0.73 20X1 average SFr 1 = $ 0.75 6. The Swiss franc is the functional currency. Required: a. Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. Note: If no adjustment is needed, select 'No entry necessary'. Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars $ 0 $ 0 $ 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A physical pendulum of mass m = 3 . 3 6 kg is comprised of an odd shape that has a centre - of - mass a distance of d = 0 . 5 5 5 m from the pivot point. The pendulum is displaced from equilibrium to...
-
Visit www.youtube.com/watch?v_eob532iEpqk and watch the The Future Market video. What impact will RFID tags have on each major logistical function? What are the biggest current obstacles in adopting...
-
A jetliner flies east for 600.0 km, then turns 30.0 toward the south and flies another 300.0 km. (a) How far is the plane from its starting point? (b) In what direction could the jetliner have flown...
-
Assume that an income statement contains each of the three sections listed below. Which will be the last section presented in the income statement? a. Gross profit b. Income from continuing...
-
Snuffys Drive-In is considering a proposal to invest in a speaker system that would allow its employees to service drive-through customers. The cost of the system (including installation of special...
-
Name one substitute of Disney that could be purchased instead of the company's products. State why you believe this substitute is, or could be, growing in demand from the company's customers. Name...
-
"The Entity Relationship Model"Please respond to the following: Defining relationships within a database can improve search capabilities and optimal performance of the database in the long run....
-
Last month when Holiday Creations, Incorporated, sold 36,000 units, total sales were $144,000, total variable expenses were $108,000, and fixed expenses were $38,200. Required: 1. What is the...
-
Is Madison's concept of "faction" adequate to explain a vast network of interest groups who petition the government for favorable laws and regulations?
-
A portfolio has an assigned beta of 1.05, the risk-free rate is 2.5%, and the market rate of return is 8.0%. What is the project's expected rate of return? Analyse whether the investor should invest...
-
Bond X is a 3.5% coupon bond. Bond Y is a 10% coupon bond. Both bonds have 10 years to maturity and make half-yearly coupon payments. Assume each is a par bond trading at face value. If the Y TM...
-
In the context of energy supply, describe how the existence of a negative production externality may lead to a socially inefficient outcome. Critically analyse a Pigouvian solution aimed at...
-
The Gerald Company budgeted overhead at $480,000 for the period for Department A based on budgeted volume of 60,000 direct labor hours. At the end of the period, factory overhead control account for...
-
By referring to Figure 13.18, determine the mass of each of the following salts required to form a saturated solution in 250 g of water at 30 oC: (a) KClO3, (b) Pb(NO3)2, (c) Ce2(SO4)3.
-
Income tax law has no impact on the accounting choices made by management.
-
IFRS and the CPA Canada Handbook, Part II, have equal status in Canada for financial reporting.
-
Any Canadian company that uses U.S. GAAP must prepare its statements in U.S. dollars.
Study smarter with the SolutionInn App