Question: On September 1 , 2 0 x 7 , TIE Corporation submitted a US $ 1 0 0 , 0 0 0 purchase order for

On September 1,20x7, TIE Corporation submitted a US $100,000 purchase order for equipment whe the exchange rate was US$1= C$1.161. On October 31,20x7, it received the equipment, when the exchange rate was C$1.169. On December 1,207, it paid US $50,000 to the supplier, when the exchange rate was C$1.176. On December 31,207, the exchange rate was C$1.180.
What is the Canadian dollar cost of TIE's equipment on its December 31,20x7 balance sheet?
On September 1,20x7, TIE Corporation submitted a US $100,000 purchase order

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!

Q:

On September 1 , 2 0 x 7 , TIE Corporation submitted a US $ 1 0 0 , 0 0 0 purchase order for equipment when the exchange rate was US$ 1 = C$ 1 . 1 6 1 . On October 3 1 , 2 0 x 7 , it received the...

Q:

On September 1 , 2 0 x 7 , TIE Corporation submitted a US $ 1 0 0 , 0 0 0 purchase order for equipment when the exchange rate was US$ 1 = C$ 1 . 1 6 1 . On October 3 1 , 2 0 x 7 , it received the...

Q:

On September 1 , 2 0 x 7 , TIE Corporation submitted a US $ 1 0 0 , 0 0 0 purchase order for equipment when the exchange rate was US$ 1 = C$ 1 . 1 6 1 . On October 3 1 , 2 0 x 7 , it received the...

Q:

I need help figuring this ratio ASAP. The 10K I am using is attached. I would like an explanation if possible, not just an answer. I need to figure out where this information is even at. Thank you so...

Q:

Need the following info with explanations as soon as possible. using the attached 10K Prepare a horizontal analysis of your company's Income Statement over the past two years. Calculate the following...

Q:

Hello can you please help with this case study, that's an exercice given by the teacher in order for us to get ready for the mid-term, he said he is going to give something like that, so we should...

Q:

I have the following completed: 1120, 2220,1125 A , 1125 E I need the following forms completed asap:SCHEDULE D and G form 4562, form 4797 schedule detail M-1 it should be fairly easy to do the rest...

Q:

I have the following completed: 1120, 2220,1125 A , 1125 E I need the following forms completed asap:SCHEDULE D and G form 4562, form 4797 schedule detail M-1 it should be fairly easy to do the rest...

Q:

902B01 STONE GROUP CORP. yay To We London Can o n 600 601 3 . V -1029 On April 20, 2001, Yan Fangjia, poneral manager of the Instruments Division of Stone Group Corp. in Beijing, China, received a...

Q:

I need help with a last minute Accounting 1 assignment. My regular tutor is off the grid so I am looking for a replacement. I have created the outline for you and enclosed the rubric, plus all f the...

Q:

In 2015, Jakes Jamming Music, Inc. announced an ROA of 8.56 percent, ROE of 14.5 percent, and profit margin of 20.5 percent. The firm had total assets of $9.5 million at year-end 2015. Calculate the...

Q:

Falling Hammer A hatumer with mass m is dropped from rest from a height h above the earth's surface. This height is not necessarily small compared with the radius RE of the earth. If you ignore air...

Q:

Which of the following is INCORRECT as it relates to corporate distributions: Group of answer choices Distributions from corporate earnings and profits ( E&P ) are treated as a dividend distribution....

Q:

Bill and Joe decided to go on vacation together. Bill lives in Boston, and Joe lives in New York. They flip a coin to decide if they will fly from Boston or from New York, and then they flip a coin...

Q:

Discuss the purpose of an application letter. Describe the two kinds of application letters. (Objective 1)

Q:

Analyze the professional organizations in your field of study. List those organizations in which you believe membership would strengthen your job candidacy. Find out whether they offer a student...

Q:

Technology. Teamwork. Form a group of two or three students and review the listings in the classified ads of a local or regional newspaper. Assess the employment opportunities in relation to your...