9 ut of esbon Translate the financial statements below for Millie and Ace, Inc. and then...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
9 ut of esbon Translate the financial statements below for Millie and Ace, Inc. and then answer the questions below. You can show your work on the financial statements below or use your scratch paper. I will only be grading your answers to the questions that are below. Make sure the questions match the company name, Milie and Ace, Inc. They used the kona throughout the year, however, their functional currency is the USD. The company started on 1/1/20 by issuing common stock. The following events occurred in 2020: - Building was purchased on 2/1/20. -Patent was purchased on 3/15/20. - Dividends were declared on 5/1/20. -Vehicles were bought on 8/10/20. - Purchases of inventory in 2020 were 98,000 kona, and ending inventory only consisted of inventory purchased in the 4th quarter. Beginning inventory for the year was 300,000 kona. The following exchange rates occurred in 2020. Date 1/1/20 2/1/20 3/15/20 5/1/20 8/10/20 12/31/20 Average for 2020 Rate $1.40 $1.30 $1.50 $1.80 $1.20 $1.70 $1.60 Use your translated financial statements for Millie and Ace to answer the questions below: A. Is this a remeasurement gain/loss or a translation adjustment for Millie and Ace?_ B. How much is the remeasurement gain/loss or translation adjustment for Millie and Ace? C. Which FS (BS or IS) is the remeasurement gain/loss or trans. adj. located for Millie and Ace? D. What is total property, plant, and equipment for the translated financial statements? E. What is COGS for the translated financial statements? 9 ut of esbon Translate the financial statements below for Millie and Ace, Inc. and then answer the questions below. You can show your work on the financial statements below or use your scratch paper. I will only be grading your answers to the questions that are below. Make sure the questions match the company name, Milie and Ace, Inc. They used the kona throughout the year, however, their functional currency is the USD. The company started on 1/1/20 by issuing common stock. The following events occurred in 2020: - Building was purchased on 2/1/20. -Patent was purchased on 3/15/20. - Dividends were declared on 5/1/20. -Vehicles were bought on 8/10/20. - Purchases of inventory in 2020 were 98,000 kona, and ending inventory only consisted of inventory purchased in the 4th quarter. Beginning inventory for the year was 300,000 kona. The following exchange rates occurred in 2020. Date 1/1/20 2/1/20 3/15/20 5/1/20 8/10/20 12/31/20 Average for 2020 Rate $1.40 $1.30 $1.50 $1.80 $1.20 $1.70 $1.60 Use your translated financial statements for Millie and Ace to answer the questions below: A. Is this a remeasurement gain/loss or a translation adjustment for Millie and Ace?_ B. How much is the remeasurement gain/loss or translation adjustment for Millie and Ace? C. Which FS (BS or IS) is the remeasurement gain/loss or trans. adj. located for Millie and Ace? D. What is total property, plant, and equipment for the translated financial statements? E. What is COGS for the translated financial statements?
Expert Answer:
Answer rating: 100% (QA)
A Is this a remeasurement gainloss or a translation adjustment for Millie and Ace Answer This is a translation adjustment for Millie and Ace B How muc... View the full answer
Related Book For
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
Students also viewed these finance questions
-
Show your work on Smith chart if the load Antenna 963+654 J and transmission line 1200 ohm A) find ditsance between Zload and Short Circuit B) Find distance From Y load and Short Circuit
-
1. Given the financial statements below for Dragonfly Enterprises, what was the increase in net working capital for 2011? Enter your answer as the nearest whole (e.g., 123), but do not include the $...
-
Using the financial statements below for the Global Manufacturing corporation, a. Compute common-size financial statements. b. Put together a statement of cash flows of the firm. Where did the firm...
-
Find the volumes of the solids generated by revolving the regions bounded by the lines and curves about the x-axis. The region between the curve and the x-axis from x = 1/4 to x = 4 y = 1/(2x)
-
Bill and Jeanne Quain spent a career as a husband- and- wife real estate investment partnership in Atlantic City, New Jersey. When they finally retired to a 25- acre farm in nearby Cape May County,...
-
A 2-kW baseboard electric resistance heater in a vacant room is turned on and kept on for 15 min. The mass of the air in the room is 75 kg, and the room is tightly sealed so that no air can leak in...
-
Memorial Medical Center bought equipment on January 2, 2010, for $30,000. The equipment was expected to remain in service for four years and to perform 1,000 operations. At the end of the equipments...
-
What is the major task of promotion? Do firms ever use promotion to accomplish this task and fail? If so, give several examples.
-
Your company has a cost of debt of 3.45% and a return on levered equity of 9%. The unlevered value of equity is 23,500,000 EUR and the company's expected perpetual EBITDA is 1,762,500. Assume all...
-
Katie Scarlett is analyzing the 15-unit apartment building for a client for possible purchase. She expanded her analysis from just the DCF (Income) to include the Direct Cap (Income), the Cost and...
-
While auditing plastic ltd, your manager requested you to check the following accounts. Required, List two possible errors you are likely to find in each of the accounts below and explain why ?...
-
We did not find results for: Beverly's portfolio is worth $76,000 and has three stocks. It has $14,000 of stock A, which has an expected return of 20.80%; it has 4,700 shares of stock B, which has a...
-
Duo Corporation is evaluating a project with the following cash flows. The company uses a discount rate of 8 percent and a reinvestment rate of 5 percent on all of its projects. Year Cash Flow 0 $...
-
As a financial manager of a large firm, you plan to borrow $70 million over the next year. Several options are available to your firm, all of which must be carefully considered. In your role as the...
-
In the geomrtric series n=1 we have r = Since r < 8 Then 2n n=1 (-5) n+1 (-5) =+1 2 (-5) n+1 converges and (write in decimal forme Exp 3/4=0.75) 20 n=1 (-5)n +1
-
A six-cylinder, four-stroke cycle SI engine with multipoint port fuel injectors operating on an Otto cycle at wide open throttle (WOT). The fuel injectors are set to deliver an air-fuel ratio such...
-
A child has autism in childcare an IEP Plan was established. What type of barriers could be encountered during the implementation of the plan? How will you manage to overcome the barriers?
-
A bar of a steel alloy that exhibits the stress-strain behavior shown in Figure 6.22 is subjected to a tensile load; the specimen is 375 mm (14.8 in.) long and has a square cross section 5.5 mm (0.22...
-
Pelican Paper, Inc., and Timberland Forest, Inc., are rivals in the manufacture of craft papers. Some financial statement values for each company follow. Use them in a ratio analysis that compares...
-
Gap, Inc., is trying to incorporate human resource and supplier considerations into its management decision making. Here is Gaps report of findings from a recent Social Responsibility Report: Because...
-
Why is the study of managerial finance important to your professional life regardless of the specific area of responsibility you may have within the business firm? Why is it important to your...
-
The equations of motion of a two-degree-of-freedom system are given by where \(F_{1}(t)\) denotes a rectangular pulse of magnitude 5 acting over \(0 \leq t \leq 2\). Find the solution of the...
-
Find the response of a simple pendulum numerically by solving the linearized equation: \[\ddot{\theta}+\frac{g}{l} \theta=0\] with \(\frac{g}{l}=0.01\) and plot the response, \(\theta(t)\), for \(0...
-
Find the response of a simple pendulum numerically by solving the exact equation: \[\ddot{\theta}+\frac{g}{l} \sin \theta=0\] with \(\frac{g}{l}=0.01\) and plot the response, \(\theta(t)\), for \(0...
Study smarter with the SolutionInn App