pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that
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pennymarkets corp, a US firm, acquired Supervalu, on January 1, 2019. Supervalu is a swedish company that has been in existence for several years, and whose functional currency is the US dollar. Compartiive account balances for January 1 and December 31, 2019, appear below, measured in Krona (kr), the swedish currency.
Account balance | 12/31/2019 | 1/1/2019 |
| | |
Cash | kr 240,000 | kr 175,000 |
Accounts receivable, net | 360,000 | 400,000 |
Plant and Equipment, net | 2,000,000 | 2,320,000 |
Account payable | (200,000) | (535,000) |
Notes payable | (600,000) | (800,000) |
Capital stock | (400,000) | (400,000) |
Retained Earnings, Jan 1 | (1,160,000) | (1,160,000) |
Sales | (1,200,000) | |
Depreciation Expense | 320,000 | |
Other Expense | 640,000 | |
Totals | 0 | 0 |
| | |
| | |
| | |
| | $/kr |
Exchange Rates: | | |
January 1, 2019 | | 0.13 |
Average for 2019 | | 0.14 |
December 31, 2019 | | 0.16 |
| | |
Translate Supervalu's 2019 ending trial balance into US dollars. Include a schedule calculating the 2019 translation gain or loss, appearing in other comprehensive income for 2019.
Related Book For
Accounting Information Systems
ISBN: 978-1133935940
10th edition
Authors: Ulric J. Gelinas, Richard B. Dull
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