Question 2 Supra Company (a UAE-based company) established a subsidiary in Italy on January 1 Year...

Transcribed Image Text:

Question 2 Supra Company (a UAE-based company) established a subsidiary in Italy on January 1 Year 1 by investing 800,000 Euro (C) when the exchange rate was AED 4/€ 1. Relevant Exchange Rates for Year 1 are as follows (AED per 1€) 4 January 1, Year 1 Average Y1 June 1 Y1 September 30, Y1 November 30, Y1 December 1, Y1 December 31, Y1 During Year 1, the foreign subsidiary generated sales of € 6 7 8 #REF! Dividends in the amount of € 9 0 the € is the functional currency of the subsidiary. 4.00 3.74 3.74 3.79 3.86 3.87 3.89 3.92 3,020,000 and Net Income of € 151,000 were paid to the parent company Translate the Italian subsidiary's financial statements into AED assuming that £ 26,000 Question 1 #NAME? Slad Co, a UAE firm exports inventory to UK on December 1 Year 1 for Slad Co, a UAE firm imports inventory from the UK on December 1 Year 1 for According to the contract payment will be done British pounds. Payment in British pounds was made on February 1, Y2 Slad Co closes books and prepares financial statements on December 31, Year 1. Required: Prepare all journal entries related to the foreign currency sale transaction assuming the exchange rates provided below. Ignore cost of goods sold Date 01/12/Y1 31/12/Y1 01/02/Y2 AED per E 5.56 5.62 5.90 Question 3 V2 Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer. 3.1. Using Notes on Financial Statements (#1 Significant accounting policies, judgements, estimates and assumptions) statements and the currency of financial statements presentation (basis of preparation of financial statements). 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment V1 V2 22 Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer. 3.1. Using Notes on Financial Statements (#1 Significant accounting policies, judgements, estimates and assumptions): Determine the accounting principles (GAAP) the company used to prepare consolidated financial statements and the currency of financial statements presentation (basis of preparation of financial and the currency of financial statements presentation (basis of preparation of financial statements). 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer 3.1. Using Notes on Financial Statements (#1. Significant accounting policies, judgements, estimates and assumptions) Which method(s) are used for depreciation of property, plant and equipment? 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment Question 4 Access the BP Sustainability Report 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following question and provide a reference to the page (from the Sustainability Report) to support your answer Which performance indicators the company uses for its safety performance? Question 2 Supra Company (a UAE-based company) established a subsidiary in Italy on January 1 Year 1 by investing 800,000 Euro (C) when the exchange rate was AED 4/€ 1. Relevant Exchange Rates for Year 1 are as follows (AED per 1€) 4 January 1, Year 1 Average Y1 June 1 Y1 September 30, Y1 November 30, Y1 December 1, Y1 December 31, Y1 During Year 1, the foreign subsidiary generated sales of € 6 7 8 #REF! Dividends in the amount of € 9 0 the € is the functional currency of the subsidiary. 4.00 3.74 3.74 3.79 3.86 3.87 3.89 3.92 3,020,000 and Net Income of € 151,000 were paid to the parent company Translate the Italian subsidiary's financial statements into AED assuming that £ 26,000 Question 1 #NAME? Slad Co, a UAE firm exports inventory to UK on December 1 Year 1 for Slad Co, a UAE firm imports inventory from the UK on December 1 Year 1 for According to the contract payment will be done British pounds. Payment in British pounds was made on February 1, Y2 Slad Co closes books and prepares financial statements on December 31, Year 1. Required: Prepare all journal entries related to the foreign currency sale transaction assuming the exchange rates provided below. Ignore cost of goods sold Date 01/12/Y1 31/12/Y1 01/02/Y2 AED per E 5.56 5.62 5.90 Question 3 V2 Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer. 3.1. Using Notes on Financial Statements (#1 Significant accounting policies, judgements, estimates and assumptions) statements and the currency of financial statements presentation (basis of preparation of financial statements). 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment V1 V2 22 Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer. 3.1. Using Notes on Financial Statements (#1 Significant accounting policies, judgements, estimates and assumptions): Determine the accounting principles (GAAP) the company used to prepare consolidated financial statements and the currency of financial statements presentation (basis of preparation of financial and the currency of financial statements presentation (basis of preparation of financial statements). 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment Access BP Annual Report and Form 20-F 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following questions and provide a reference to the page (from the Report) to support your answer 3.1. Using Notes on Financial Statements (#1. Significant accounting policies, judgements, estimates and assumptions) Which method(s) are used for depreciation of property, plant and equipment? 3.2. Using Notes on Financial Statements, determine the reportable segments and briefly describe each business segment Question 4 Access the BP Sustainability Report 2017 (Blackboard/ACC407/Weekly Modules/Midterm Exam). Answer the following question and provide a reference to the page (from the Sustainability Report) to support your answer Which performance indicators the company uses for its safety performance?

Answer rating: 100% (QA)

lets address each question step by step Foreign Currency Sale Transaction Journal Entries for Slad C... View the full answer