Question: I need help in this question. Please do it correctly and accurately and 100% 1 On January 1, 20X1. Popular Creek Corporation organized SunTime Company

I need help in this question. Please do it correctly and accurately and 100%

I need help in this question. Please do it correctly and accurately

and 100% 1 On January 1, 20X1. Popular Creek Corporation organized SunTime

1 On January 1, 20X1. Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 77.000. SunTime's December 31, 20X1. trial balance in SFr is as follows: 5 points eBook Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Connon Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Debit Credit SFr 7,400 21, eee 6,100 28,5ee 1e2,eee SFr 19,700 13,700 55,880 77,880 141,980 73,5ee 10,700 31,5ee 17,660 SFr298,3ee SFr 298,380 Print References Additional Information 1. The recelvable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,880 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 . 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: January 1 March 1 November 1 December 31 zexi average SFr $ 1=0.73 1 = 0.74 1=0.77 1 = 0.80 1 = 0.75 6. The Swiss franc is the functional currency. 6. The Swiss franc is the functional currency. Required: Prepare a schedule translating the December 31, 20X1. trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary!) SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Tota Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total Total credits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!